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The accounts in the ledger of Matice Co. as of July 31, 2008, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
Accounts Payable
$ 56,130
Notes Payable
$120,000
Accounts Receivable
112,500
Prepaid Insurance
9,000
Cash
?
Rent Expense
180,000
Fees Earned
930,000
Supplies
6,300
Insurance Expense
18,000
Supplies Expense
23,700
Land
255,000
Unearned Rent
27,000
Milton Adair, Capital
259,920
Utilities Expense
124,500
Milton Adair, Drawing
60,000
Wages Expense
525,000
Miscellaneous Expense
26,700
Prepare an unadjusted trial balance, listing the accounts in their proper order and inserting the missing figure for cash.
Compute sales level required in both dollars and units to earn $210,000 of after-tax income in 2010 with the machine installed and no change in unit sales price. Assume that the income tax rate is 30%.
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During the year, ABC LP generated a ($90,000) loss. explain how much of Sue's loss is disallowed due to her tax basis or at-risk amount?
The shift in the amount of manufacturing overhead costs applied to the mix of products produced that occurs when using a single cost driver rate as compared to using activity-based costing rates
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The company uses the LIFO inventory method for external reporting and for income tax purposes but maintain its internal records using FIFO
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Prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts and understand how to record the flow of materials, labor, and overhead through a process costing system.
On September 30, MFP Co. paid employee salaries $7,000, including $1,000 it owed to its employees last month. What are effects of this transaction on the accounting equation?
Jackson Corporations retained earnings account balance was 75,000 on January 1. During January, the company recorded revenue of $100,000, expenses of $60,000, and dividends of $5,000. The company also purchased land during the period for $20,000 c..
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