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Prepare the adjusting journal entries needed (if any) on December 31, 2013. AJE's are only prepared at year end (December 31). 1.On July 31, 2013, the company paid a two-year premium of $18,000 on an insurance policy that is effective June 1, 2013, and expires May 31, 2015.2.The company received $48,000 on May 1, 2013, in return for which the company agreed to provide consulting services for 12 months beginning immediately.3.Employees work Monday through Friday, and salaries of $3,500 per week are paid each Friday. This year December 31 is a Thursday.4.on June 15, the company purchased $1,300 of supplies for cash. On September 14, the company made another cash purchase of $2,100. As of December 31, the company accountant determined that $1,600 of supplies were on hand at year end. 5.The company received a note from a customer on May 31, 2013, as payment for services. The amount of the note is $20,000 with interest at 8%. The note and interest will be paid on May 31, 2014.
Furthermore, a small handful of your client's customers are experiencing financial difficulties because of slowing demand for your client's products.
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
During the previous year, Carrie paid $500 of estimated state income tax payments, which she also deducted for federal income tax purposes. Early in the current year.
Which one is not a main question when you evaluate earnings' quality?
Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $0.50 per share cash dividend. Calculate the number of shares outstanding at the tim..
Describe some of the information a good AIS could have provided for this firm and that, if provided in a timely manner, could have helped avoid some of its problems.
During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner com..
The Evanec Company's next expected dividend, D1, is $3.18; its growth rate is 6%; and its common stock now sells for $36.00. New stock can be sold to net $32.40 per share. What is Evanec's percentage flotation cost, F?
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
Assume a present and future enacted income tax rate of 30%. What amount should be added to Gore's deferred income tax liability for this temporary difference at December 31, 2011?
Which of the follwoing statemetns is true when referring to fixed costs? 1. Committed fixed costs arise from the annual decisions by management. 2. As volume increases, unit fixed cost and total fixed cost will change.
Cash flows used for investments in property, plant, and equipment totaled $45,000, of which 60% of this investment was used to replace existing capacity. Determine the free cash flow for Mediterranean Tile Company.
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