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Transaction analysis various accounts. Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-).Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
a. accrued interest income of $15 on a note receivable.b. Determined that the Allowance for Bad Debts account balance should be decreased by $4,800 because expense during the year had been overestimated.c. Wrote off an account receivable of $2,160.d. Received cash from a customer in full payment of an account receivable of $750 that was paid within the 2% discount period. A Cash Discount Allowance account is maintained.e. Purchased eight units of a new item of inventory on account at a cost of $60 each. Perpetual inventory is maintained.f. Purchased 17 more units of the above item at a cost of $57 each. Perpetual inventory is maintained.g. Sold 20 of the items purchased (in e and f) and recognized the cost of goods sold using the LIFO cost flow assumption. Perpetual inventory is maintained.h. Paid a one year insurance premium of $720 that applied to the next fiscal year.i. Recognized insurance expense related to the preceding policy during the first month of the fiscal year to which it applied.
Discuss the treatment of Barb"s investment interest that is disallowed in 2006. What election could Barb make to increase the amount of her investment interest deduction for 2006? 205.
dimitry chernitsky is seeking part-time employment while he attends school. he is considering purchasing technical
ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia.
Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.
What are the components of measuring the economic damages from the loss of household services?
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Visit and look at the Housing and Urban Development (HUD) website. Locate an article, document, or other material, from this site, which discusses one of the following.
explain in 250 to 300 words your answers to the followingwhat are the advantages of the four different special
dobbs corporation is considering purchasing a new delivery truck. the truck has many advantages over the companys
Determine cost and sales and variable volume variances. Classify the variances as (F)avorable or (U)nfavorable. Comment on the usefulness of the variances with respect to performance evaluation and identify the member of the management team most lik..
santana rey has found that her line of computer desks and chairs has become very popular and she is finding it hard to
on january 1 2012 bailey industries had stock outstanding as follows.6 cumulative preferred stock 109 par valueissued
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