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Draw an REA diagram, complete with cardinalities, for Joe's revenue cycle. Also, prepare an integrated REA for Joe's Ice Cream, prepare a table listing including table names, primary keys, foreign keys and non-key attributes. Joe's is a small ice-cream shop located near the local university's baseball field. Joe's serves walk-in customers only. The shop carries 26 flavors of ice cream. Customers can buy cones, sundaes, or shakes. When a customer pays for an individual purchase, a sales transaction usually includes just one item. When a customer pays for a family or group purchase, however, a single sales transaction includes many different items. All sales must be paid for at the time the ice cream is served. Joe's maintains several banking accounts but deposits all sales receipts into its main checking account.
Provide me an example of a transaction that would affect the accounting equation. You will do this for your employer, college or self and briefly define and explain the purpose of adjusting entries?
Prepare the appropriate bad debt expense adjusting entry for the year 2011 and Show how the various accounts related to accounts receivable should be shown on the December 31, 2011 balance sheet.
On May 5, 2013, Dan purchased and placed in service a 7-year class asset costing $720,000. Compute the maximum deductions that Dan can claim with respect to this asset in 2013 and 2014.
A microwave manufacturer had the following costs and expected sales: Variable costs = $25 per unit; total fixed costs = $500,000; expected sales of 50,000 units. Calculate the manufacturer’s unit price if the manufacturer wants to earn a 30% mark up ..
Compute the amount of the other comprehensive income (G/L) as of December 31, 2010. Compute the amount of net gain or loss amortization for 2010 (corridor approach). Compute pension expense for 2010.
Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2016 and was completed in 2018
Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
ABC Corporation, a merchandising company, reported the following results for September: Prepare a traditional format income statement for September. Prepare a contribution format income statement for September.
Which of the following statements is NOT correct?
Matching Items Reported to Cash Flow Statement Categories (Indirect Method) - MillerCoors Brewing Company is the world's fifth largest brewer. In the United States, its tie to the magical appeal of the Rocky Mountains is one of its most powerful t..
Assume that you are a CPA in public practice
Company is replacing existing equipment with new equipment which can replicate what the existing machine does and also support a new product line. Old equipment was purchased 3 years ago for 100,000 and was being depreciated using a MACRS 5 year asse..
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