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Question - Swifty Corporation purchased trading investment bonds for $52,000 at par. At December 31, Swifty received annual interest of $2,080, and the fair value of the bonds was $49,300.
Prepare Swifty' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?
Over the years Research In Motion and Apple have evolved into large corporations. Today it is difficult to imagine them as fledgling start-ups.
Prepare bank reconciliation as of May 31, 2021 - Jansen Company's general ledger showed a checking account balance of $24,620 at the end of May 2021
Tub-Tub's Tub Co. uses predetermined overhead rates to allocate manufacturing overhead to various jobs. Compute the firm's predetermined overhead rate
The following information is available to reconcile Style Co.'s book balance of cash with its bank statement cash balance as of December 31, 2011.
Judy decided to dispose of her partnership interest in the ILK partnership. She has asked you to help her determine what the tax consequences will be.
Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; Find the cost of sales ratio or cost ratio
Calculate the credit for certain retirement plan contributions available to Kathleen and Glenn if the AGI on their joint return is $35,000
Cheque No. 1259 is issued to replenish the fund. A summary of the receipts in the fund shows. How do and Journalize the entries to record
The current cost to manufacture and distribute the product is $82, and Franklin has a target profit of 15% of sales. What is the company's target cost?
Compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory
The entity sold 4,000 bonds on March 1, 2015 for P3,920,000 after the interest has been received. What amount should be recognized as gain on sale
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