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Question - During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash dividends of $600. Prepare journal entries to record the July transactions in the General Journal.
On December 31, Sofa So Good received a dividend check for $10. Record the receipt of dividends
During the year 2021, Campos Co. recognized the following: Past service cost 400,000. How much is the fair value of plan assets as of December
Tomorrow Publication $115 million, and $105 million, respectively. The 2016 income statement does not include $20 million of magazine subscriptions received.
Calculate coefficient of range for the data in 37, 80, 82, 41, 49, 60, 38, 61, 64, 29
Liala Ltd, Find and Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.
army-navy surplus ltd. began march 2011 with 70 tents that cost 20 each. during the month army-navy surplus made the
Kerri Limited has two subsidiary entities, Emily Limited and Georgia Limited. Kerri Limited owns 100% of the shares in both entities
Quincy has decided to retire from the partnership of Quincy, Robert, and Sam. The partnership will pay Quincy $400,000. What goodwill will be recorded
Prepare Pharoah's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest
Prepare journal entries for the transactions described above, using the date of each transaction as its reference. Assume BSS uses perpetual inventory accounts. If you complete this problem in Connect, these journal entries will be summarized for you..
What is the ethical dilemma you face? What are the ethical considerations? Consider your options and responsibilities as assistant controller.
What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?
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