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Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015. Cash $6,000 Deborah, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue 10,600 Office Supplies 1,800 Salaries Expense 4,000 Equipment 15,000 Rent Expense 800 Accumulated Depreciation— Depreciation Expense— Equipment 9,000 Equipment 1,500 Deborah, Capital 15,000 Supplies Expense 500 Prepare the adjusted trial balance after considering these adjustments: a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset. b. Accrued salaries on December 31, $600. c. Revenue accrued but not recorded, $200.
Delivery and commission expenses vary proportionally with budgeted sales in dollars. Advertising and office expenses are fixed. Miscellaneous expenses include $10,000 of fixed costs. The rest varies with budgeted sales in dollars. What will be the va..
ratio indicates that its current assets exceed its long-term liabilities
Adjustments for prepaid expenses:
What was Disney's amount of working capital at year-end 2004? Did it change significantly and Compute the working capital ratio at year-end 2004 and year-end 2003. Did it improve or deteriorate between 2003 and 2004?
Precision Systems had sales of S820,000, cost of goods of $510,000, selling and administrative expense of $60,000, and operating profit of $103,000. What was the value of depreciation expense? Set this problem up as a partial income statement and det..
Compute the earnings per share for the current year and earnings per share in the prior year was $8.00. Use the earnings per share computed in (a) and present a two-year earnings per share comparison for the current year and the prior year.
On January 2, 2009, Banno Corporation issued $1,990,000 of 10% bonds at 98 due December 31, 2018. Legal and other costs of $25,300 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. Determine: Loss..
On February 15, Seacroft buys 7,400 shares of Kebo common at $28.57 per share plus a brokerage fee of $415. The stock is classified as available-for-sale securities. On March 15, Kebo declares a dividend of $1.19 per share payable to stockholders of ..
Determine the balance of any current and deferred tax assets and liabilities (using appropriate worksheets) as at 30 June 2014, in accordance with AASB 112. Show all necessary workings.
David Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 20,000 units in its beginning work in process inventory that were 80% complete with resp..
hat is a likely explanation for this? Direct your response in terms of the current allocation base used and how the recently adopted robotics system is changing the past cost allocation system.
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2014: Cash, $673,000; Raw Materials Inventory, $70,000; Work in Process Inventory, $33,000; Finished Goods Inventory, $62,000; Common Stock, $594,000; and ..
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