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Assume the following transactions occurred during the year. The annual accounting period ends on December 31.
Jan. 15
Purchased and paid for merchandise for resale at an invoice cost of $15,600. A periodic inventory system is used.
Apr. 1
Borrowed $800,000 from a bank for general use, executing a one-year, 5% note payable
June 14
Received a $12,000 customer deposit for services to be performed in the future.
July 15
Performed $4,250 of the services paid for on June 14.
Dec. 15
Received an electric bill for $25,680. The bill will be paid in early January.
Dec. 31
Determined wages owed to employees to be $13,500 that will be paid on January 2.
Required:
How should declared but unpaid dividends be recorded? The problem states that the company has a yearend date of Dec 31st. and that there are 15000 of declared dividends. Should this affect my common stock or retained earnings?
expenditure on goods and services produced by the private sector. If we imported $3 billion more than we exported, what is the measured GDP?
Using the equation method: Illustrate what is the break-even point in units and in sales dollars?
Evaluate the total overhead from the given data - Using the rates you computed, determine the total overhead cost applied to Case 618-3.
Master Budgeted income statement using Variable Costing and Overhead is applied on the basis of machine hours. The planned level of activity(denominator level) is 320,000 machine hours. The total budgeted fixed overhead is $800,000.
Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully.
Identify and briefly describe three ways you could use analytical procedures as risk assessment procedures, Identify and briefly describe three ways you could use analytical procedures as substantive procedures through the audit.
Computing the revenue and cost of two clients using the data given - determine the revenue and cost for each client.
question diablo company lessee leased a machine from juniper corporation lessor on 1st january 2013. the machine has a
How many units would have to be sold each month to earn a target profit of $90,000? Use the formula method. Verify your answer by preparing contribution format income statement at the target sales level.
The bond has a stated interest rate of 6 percent. On January 1, 2011, when the bond was issued, the market rate was 8 percent. The bond pays interest twice per year, on June 30 and December 31. At illustrate what price was the bond issued?
What is the relationship between economies of scale and a natural monopoly? Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output?
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