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Norman company borrowed $15000 from the local bank on April 1, 2012, when the company was started. The note had an 8 percent annual interest rate and a one-year term to maturity. Norman recognized $42,000 of revenue on account in 2012 $56,000 of revenue on account in 2013. Cash collections from account receivable were $38,000 in 2012 and $58,000 in 2013. Norman Co. paid $26,000 of salaries expense in 2012 and $32,000 of salaries expense in 2013. Norman Co. paid the loan and interest at the maturity date.
Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.
Propose a minimal classification scheme that can be used to protect any business and provide examples of the type of information that would fall into each category.
Augie purchased one new asset during the year (five-year property) on November 10, 2009, at a cost of $600,000. She made the § 179 election. The income from the business before the cost recovery deduction and the § 179 deduction was $500,000. Dete..
clary jensen farms purchased power equipment with an expecteduseful life of four years or 1000 hours of usage. the
choose one product and one service with which you are well acquainted.indicate how the product and service each meet
taylor age 18 is claimed as a dependent by her parents. for 2012 she records the following income4000 wages from a
The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?
in 2008 sales revenue was 120 and net income was 12. 1108 balances were current assets 20 long-term assets 70 current
A company has taxable income of $1,760 with a tax rate of 38 percent. Owners equity is: $400 in stock, $200 in capital surplus, and $200 in retained earnings. What is the return on equity (ROE)?
The fair market value of Sky Tech's depreciable assets was $15 million in excess of their book value. For this year, Sky Tech reported a net income of $75 million and delacred and paid $15 million in dividends. What is the amount of purchased good..
a local furniture store is advertising a deal in which you buy a 3000 dining room set and do not need to pay for two
Fully vested incentive stock options exercisable at $40 per share to obtain 28,000 shares of common stock were outstanding during a period when the average market price of the common stock was $50 and the ending market price was $50.
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