Reference no: EM132699857
Problem 1: Miller Corp. has reported pre-tax income of $250,000 for calendar 2020, before considering the five items below. Prepare the adjusting entries needed at December 31, 2020 in order to correctly state the 2020 pre-tax income. If no entry is needed, write NONE.
1. Interest on a $42,000, 7%, six-year note payable was last paid on September 1, 2020.
2. On May 31, 2020, Melody entered into a contract to provide services to a customer for eighteen months beginning June 1. The customer paid the $18,000 fee in full on June 1 and Maison credited it to Service Revenue.
3. On August 1, 2020, Maison paid a year's rent in advance on a warehouse, and debited the $48,000 payment to Prepaid Rent.
4. Depreciation on office equipment for 2020 is $17,000.
5. On December 18, 2020, Maison paid the local newspaper $1,000 for an advertisement to be run in January of 2021, debiting it to Prepaid Advertising.
|
Iron triangle model of policy-making involving congress
: Explain the iron triangle model of policy-making involving Congress, the bureaucracy, and interest groups. Analyze information about relationships among Congres
|
|
How much overhead is allocated to Department A
: Department A has 1,000 machine hours, and Department B has 4,000 machine hours. How much overhead is allocated to Department A? To Department B
|
|
Describe the political and legal systems
: What are the cultural, ethnic, social, and educational characteristics? Describe the political and legal systems.
|
|
What amount is included in f net income for tax purposes
: All amounts have been converted to Canadian currency. What amount is included in F's net income for tax purposes for the current year?
|
|
Prepare the adjusting entries needed at december
: Prepare the adjusting entries needed at December 31, 2020 in order to correctly state the 2020 pre-tax income. If no entry is needed, write NONE.
|
|
Explain similarities between the cases quill and wayfair
: Explain the similarities and differences between the cases Quill and Wayfair. contrast the Due Process Clause nexus with the Commerce Clause nexus standards
|
|
Classify the charges associated with the cellular phone
: Classify the charges associated with the cellular phone service as (a) committed resources or (b) flexible resources
|
|
Explain the effect the split will have on company balance
: Briefly indicate the accounting entries necessary to recognize the split in the company's accounting records. Explain the effect the split will have
|
|
Define what you thought was the most important concepts
: Reflect on the assigned readings for the week( Chapter 14: Conflict and Negotiation (Uploaded)). Identify what you thought was the most important concept(s).
|