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Problem 1: Prepare Correcting Journal Entries:
1. Advertising expense of $248 on account was recorded as $428.
2. The rent revenue of $350 received in advance was recorded as debit to accounts receivable and a credit to rent revenue.
3. Depreciation expense of $90 on the vehicle was wrongly journalized as a debit to accumulated depreciation a credit to vehicle.
4. A Gas expense of $203 was mistakenly debited to Auto expense as $230 and credited to cash.
5. An equipment was purchased for $595 and a down payment of $150 was made. However, it was only recorded as equipment debit and the liability credit with the amount of cost.
Compute the present value of this investment. Mike Derr Company expects to earn 10% per year on an investment that will pay $606,000 five years from now.
Distinguish between horizontal and vertical analyses. Why is the analysis of common-size statements called vertical analysis
FNSACC504A - Prepare financial reports for corporate entities - Reconcile accounting profit before tax to taxable income for 2015
Use of this equipment would result in an increased net operating working capital of $4,000 over the life of the machine. What is the NPV
Assume the corporate tax rate is 21% and the net debt of the firm increases by $5 million. What is the market value of equity
What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 2
At 30 June 2019, Land was assessed to have a fair value of $150,000. Prepare the journal entries during the period 30 June 2019 to 30 June 2020
the 2011 balance sheet of the captain jet inc. is attached. during 2012 the subsequent events occurred.1. on january 10
Utility in finance vs utility in economics Indifference curve in finance is positively sloped, while indifference curve in economics1 is negatively sloped why?
Whether and how a company should account for a revaluation increase and a revaluation decrease on property, plant, and equipment?
Borealis Manufacturing has just completed a major change in its quality control (QC) process. Previously, products had been reviewed by QC inspectors at the end of each major process, and the company's 10 QC inspectors were charged to the operation o..
Determine the dollar amount of the company's outstanding checks on September 30.
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