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a. On July 1, 2013, Lamis Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2013. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2013.
b. Shandi Company has a Supplies account balance of $5,000 on January 1, 2013. During 2013, it purchased $2,000 of supplies. As of December 31, 2013, a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2013.
What are unrealized gains and losses on trading securities? On what statement are they reported? How does accounting for available-for-sale securities differ from accounting for trad- ing securities?
it reaches the industry average of 2 percent dividend growth, after which the company will keep a constant growth rate forever. Illustrate what is the price of this stock today given a required return of 12 percent?
Prepare a schedule for each month showing budgeted cash disbursements for the Tilson Company and a schedule for each month showing budgeted cash receipts for Tilson Company
Determine the amount of overhead and Calculate the amount of overhead that Larkspur will assign to the standard line if it uses an ABC system.
A company had a bulldozer destroyed by fire. The bulldozer originally cost $128,000. The accumulated depreciation on it was $61,500. The proceeds from the insurance company were $91,500. A company sold equipment for $42,000. Total accumulated depreci..
Which of the following correctly demonstrates the comparison of the four-variance method of factory overhead analysis to the two-variance method of factory overhead analysis?
Explain the relationship between a profession and a code of ethics and describe what a code of ethics/conduct/ professional behavior is and why is it important
Debt has deadlines. Deadlines can be missed. Common stock lasts indefinitely. The higher percentage of resources raised from debt, the higher percentage resources subject to deadlines, hence risk. What is the effect on return on equity of raising cap..
Prepare a Statement of Financial Position as at 31st December 2014 and a Statement of Comprehensive Income for the year to date - How would you respond to the owners question?
ending work in process 5,470 units that are 100% complete as to materials and 40% complete as to conversion costs. Calculate the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Operating profit is analysed before taxation as CGD has no control over group tax planning and estimates that its allocated overheads will drop by 80% the introduction of the owner driver scheme.
Win Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $16,000 for March and $65,500 for April, what are the budgeted cash receipts from sales o..
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