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Problem 1: Prepare journal entries to record the following transactions completed by meskel company during the year 20X2.
September-1- Received a Birr 10,000.00, 12%, 60-day note from yasin Co. as full settlement of his open account.
October 20- sold merchandise on account to Heaven Co. for Birr 25,000.00 by receiving a 90-days, 10% note.
October 31- Received full payment from Yasin co. for note received on September 1.
December 31- Record the adjusting entry required for a accrued interest arised from
October 20 transaction. (Assume that the Accounting period ends on December-31-)
Annapolis Company was recently sold for $480,000. Using this information, how much should be recorded as Goodwill for this transaction
Accounting Problems The Marmon Car and Foundry Company was working on a contract calling for 210 railway cars, all of the same type. The price on these cars was fixed in the contract at $21,000 each.
Assume that an auditor, What might cause such concerns and how will the auditor adjust the substantive procedures to be performed?
collier bicycles has been manufacturing its own wheels for its bikes. the company is operating at 100 capacity and
The Heartlake Corporation manufactures and sells toy gyroscopes. Using variable costing, what is the contribution margin for last year
Define the five essential elements of an enforceable contract, and demonstrate how each element relates to your example. Describe an example of a contract
Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent
Robinson Company reported a net loss of $23,000 during the year. What was the amount of cash used in operating activities during the year
In year 3, Jack decided to close the business. He sold the property for $10,500. What is Jack's gain or loss on the sale of the computer equipment
When are Private Purpose Trust Funds used?
1.shake corporation has several current notes receivable on its year-end balance sheet. while collection seems certain
Stoner Co., a building construction company, holds a 120-day, 9% note for $60,000, dated August 7, which was received from a customer on account. On October 6, the note is discounted at the bank at the rate of 12%.
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