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Problem 1: At October 31, the company made several adjusting entries. Prepare entries for the adjustments below and post them to the t-accounts, creating new accounts as necessary.
a. The company paid the entire premium on a 1-year insurance policy on June 1, 2015, with the insurance used up evenly throughout the life of the policy. This is the only insurance policy in force on September 30, 2015.
b. Employees earned salaries of $3,200 during the last two days of October but were not paid. These are the only unpaid salaries at the end of October.
c. The note payable is a 90-day, 6 percent note issued on September 30, 2015. The principal plus all associated interest will be repaid at the due date.
d. Merchandise inventory on hand on October 31, 2015 totals $155,900.
Prepare a listing of Alexander's current and long-term liabilities as they should be presented in the company's December 31 balance sheet. Briefly explain why you have excluded any of the listed items in your listing of current and long-term liabil..
Prepare all necessary consolidation adjusting journal entries for the year ended 31 December 2016, according to the requirements of AASB 10 Consolidation Financial Statements.
Describe what you believe to be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself and tell what are some of the contributions an accountant might offer in this process?
The trial balance: The general journal entry to record the purchase of an asset on account would include: If Cash has been debited, it is possible that:
Lang Ltd. uses a standard cost system. Calculate the standard direct labor wage rate used by Land in computing its direct labor variances in June.
The NZ dollar to US dollar exchange rate is 1.36 NZD/USD, and the British Pound to US dollar exchange rate is 0.62 GBP/USD. If you find that the British Pound to New Zealand dollar exchange rate is 0.49 GBP/NZD, what would you do to earn a riskless p..
Recorded when a business entity is purchased at a price in excess of the fair value of its net identifiable assets (excluding goodwill) less liabilities
Is the secondary market is where new issues of stocks and bonds are introduced? If not where are new issues introduced and What is a bond indenture
Sales for Hanebury Corporation's just-ended year were $12 million. Sales were $6 million 5 years earlier. Suppose someone calculated the sales growth for Hanebury as follows: Sales doubled in 5 years.
Calculate the after-tax salvage CF in Year 9? The Courage Brewery has just purchased an asset they intend to use in their business.
A worksheet is being developed to consolidate Williams, Incorporated, and Brown Company. These two organizations have made considerable intercompany transactions. How would the consolidation process be affected if these transfers were downstream? How..
Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2021. Prepare the journal entry to record the conversion.
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