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Transactional Analysis Problem Scenario: Use following scenario and transactions to complete the activities below. On January 4, Mary Markham, an attorney, opened her private law firm...Markham Law (ML). The following transactions were completed during the month. a) Mary invested $30,000 cash and $15,000 of office equipment in the business in exchange for capital stock. b) ML paid a month's rent of $1800 c) ML paid $1200 for office supplies d) ML collected $20,000 of legal fees for services performed e) ML paid a secretary salary of $2200 f) ML purchased $500 of supplies on account g) ML bought an auto for business use. It cost $15,000. ML paid $4000 down and charged the balance. h) ML paid $4000 of dividends i) ML paid $900 for auto maintenance and repairs j) ML received a telephone bill for $300 k) ML paid the telephone bill l) ML paid premiums of $1200 for one year insurance m) ML paid $2500 for a computer n) ML paid $700 for a cleaning service o) ML received $5000 on retainer from MOB INC Activities: Using the scenario and transactions above, complete the following activities.
1. Record the transactions in T accounts.
2. Prepare a trial balance for the end of the month.
Which financial statement reports information helpful in assessing working capital and the purchase of office equipment of credit has what effect on the accounting equation?
Explain why do you think larry stone wants to estimate the firm's hrdle rate? Is it justifiable to use the firm's weighted average cost of capital as the divisional cost of capital?
During 2011, $37,500 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. Illustrate what should be the adjusted balance of Allowance for Doubtful Accounts at December ..
Calculate the following. The unit cost of ending inventory on the balance sheet prepared for stockholders. The unit cost of ending inventory on a variable cost balance sheet.
A supplemental retirement fund of $200,000 is desired in 20 years. How much money should be set aside at the end of each month if the interest rate is 1% per month.
Calculate the total amount of dividends declared by March for 20X7. Calculate March's profit for 20X8.
This year Freeman Steel Company paid Herb Porter wages of $9900. $2800 were paid in TN and the rest in SC. How do I find the FUTA tax on Porter's earnings if SC is a credit reduction state?
For each of the following $1000-par-value bond, assuming annual interest payment and a 40% tax rate, determine the after-tax cost to maturity using the approximation formula.
Illustrate what kinds of checks and balances could you put into place to insure ethical behavior and accountability for both yourself and your employees?
Carson uses the sum-of-the-years-digits method of depreciation. What should the accumulated depreciation be at December 31, 2008?
What payments must Zach Taylor make to settle the loan at the interest rate of 9%, but with the 6 payments beginning on the day the loan is signed?
What amount should appear in the allowance for doubtful accounts in the December 31, balance sheet for the current year and How are the direct write-off method and the allowance method applied in accounting for uncollectible accounts receivables?
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