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1.Prepare adjusting journal entries for the year ended (date of) December 31, 2013, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
a. Depreciation on the company's equipment for 2013 is computed to be $18,000.b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.c. The Office Supplies account had a $700 debit balance on December 31, 2012; and $3,480 of office supplies were purchased during the year. The December 31, 2013, physical count showed $298 of sup plies available.d. Two thirds of the work related to $15,000 of cash received in advance was performed this period.e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.f. Wage expenses of $3,200 have been incurred but are not paid as of December 31, 2013.
Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. Explanations may be omitted. For each entry you prepare, name the fund in which the entry should be made. The gen..
to compute present value and internal rate of return for a new product line.auntnbspnbsp sallys sauces inc. is
Kate Connor, a teacher at Meadow Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Meadow School logo. If the school receives actual sales orders for ..
Prepare the financial statements for Rawls Repair Corporation as of October 31 in the space and Prepare the Income Statement, Statement of Retained Earning and the Balance Sheet.
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utilization of constrained resources. calculation of amount of contribution.banner company produce nbspthree products
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.
When preparing a cash flow statement, with limited information, how do you arrive at the "cash at the beginning of the year" and "cash at the end of the year" amounts? What information do you need to obtain those amounts?
Avery Corporation has two divisions, A and B, which are both organized as profit centers; Division A produces and sells widgets to Division B and to outside customers. Division A has total costs of $35, $20 of which are variable. Division A is operat..
If the firm goes bankrupt and liquidates, how much will each class of investors receive if a total of $3 million is received from sale of the assets?
"The Ortegas decide to buy some furniture priced at $400 with $40 down and the balance to paid for using 10% add-on interest, to be paid in monthly installments over one year. Illustrate what are the total interest they will be charged? and what is..
Rode Inc. incurred a net operating loss of $556,700 in 2014. Combined income for 2012 and 2013 was $352,200. The tax rate for all years is 30%. Prepare all the journal entries necessary at the end of 2014.
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