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On december 31 2015 coolwear inc. had a balance in its prepaid insurance of $52400. During 2016 $90000 was paid for insurance. At the eend of 2016 after adjusting entries were recorded the balance in the prepaid insurance account wads 44000 . insurance expense for 2016 would be
Evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identifacation, b) weighted average, c) FIFO and d) LIFO
Which business entity’s owners are all not subject to self-employment tax on their respective share of the entity’s profits?
You are the plant manager. You have recently implemented a bonus system for your employee that provides a 10% bonus for favorable variances. What are the potential benefits, costs, and ethical concerns of such a bonus system?
case study analysis.users of financial statements represent many different groups of stakeholders including creditors
San Fransisco Bank loans Bill Williams some money. Bill signs a promissory note obligating him to pay the money back at 6% interest. The note is a standard form note prepared by the bank. The bank is the maker of this note.
The journal entry a company uses to record pension rights that have not been funded for its salaried employees at the end of the year is-
A project has an annual rate of return of 15%. The project cost $120,000, has a 5 year useful life, and no salvage value. Straight-line depreciation is used.
Once a business has elected its tax status using check-the-box regulations, what options are available if it needs to change its tax status? What should a business consider before electing to change its tax status?
Prepare the general journal entries required to record the acquisition and payment on each of the independent cases above. Round to the nearest dollar.
At June 30, 2004, the cash account in the general ledger of XYZ Company shows a balance of $16,200. The June 30 bank statement; however, shows a balance of $19,025. The only reconciling items consist of: Calculate the amount of the deposit in transit..
What would be the cumulative effect on 2010 net income of all adjustments - determine the basic type of adjustment, if any, that is needed on December 31, 2010
Prepare form 1065, Schedule K, and relevant supporting schedules for ROCK the Ages, LLC, leaving blank any items where insufficient information has been provided.
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