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A company has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $10,000; principal and interest at 6% are due in one year; and (3) equipment costing $60,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,000 per year.
Prepare the necessary adjusting entries at December 31 for each of the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Discuss how this increase in ownership affects the accounting for and reporting upon the investment in Broome. Include in your discussion adjustments.
Which classification of expenditures would be the following scenario? The general fund receives an electric bill for the entire government. The General fund paid the bill.
Calculate stock dividend shares and cash dividend amounts Assume that you own 4,000 shares of Blueco, Inc. s, common stock and that you currently receive cash dividends of $0.84 per share per year.
In advance of a meeting with your finance director to discuss his remark, prepare an essay about the likely effect on performance if DD adopts IFRS.
Comparing data on separate files can be accomplished by using computer-assisted audit techniques (CAATs) to determine whether comparable information is in agreement.
What important factors, in addition to quantitative factors, should a firm consider when it is making a capital structure decision? How do these factors play in the decision?
Carrier Company reported net income of $360,000 and paid dividends of $30,000 on its preferred stock during the current year. Illustrate w hat is the company's return on common stockholders' equity for the year?
Rinehart Company made a loan of $7,400 to one of the company's employees on April 1, 2013. The one-year note carried a 6% rate of interest. The amount of interest revenue that Rinehart would report in 2013 and 2014, respectively would be?
What amount of note payable should Largo include in the current liabilities section of its December 31, 2010 balance sheet?
Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable and Journalize and post the closing entries. Indicate closed accounts by inserting a zero in both balance columns opposite the closing entry.
Saginaw Inc. completed its first year of operations with a pretax loss of $500,000. The tax return showed a net operating loss of $600,000, which the company will carry forward. The $100,000 book-tax difference results from excess tax depreciation ov..
Sapsora Company uses ROI to measure the performance of its operating divisions and to reward division managers. A summary of the annual reports from two divisions is shown below. The company’s weighted-average cost of capital is 12 percent.
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