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Question 1: Prepare the annual adjusting entries for the following transactions:
Point a. On August 1, Johnson paid one year in advance for office space. The Prepaid Rent account and Cash accounts in the amount of $24,000 were used to record the payment.
Point b. On October, Johnson received payment in advance for services to be performed over the next 12 months. The amount was $12,000 and the Cash and Unearned Fee Revenue accounts were used.
Point c. As of December 31, Johnson had not recorded unpaid wages of $500.
Point d. During November and December, Johnson provided services to a client in the amount of $5,400 but had not yet billed the client.
Calculate the minimum transfer price that the Chip Division should accept. Discuss whether it is in the Chip Division's best interest to accept the offer. Compute the rate charged per hour of labor.
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
The standard cost of Product B manufactured by Pharrell Company includes 2.6 units of direct materials at $5.5 per unit. During June, 27,200 units of direct materials are purchased at a cost of $5.45 per unit, and 27,200 units of direct materials are..
Understanding and commenting on term critical perspectives of accounting and highlighting the fundamental difference between the research
Purpose the entry to record the issuance of the bonds on Sawyer's books. What amount must be deposited semiannually in order to have sufficient money in the fund to pay off the bonds in 20 years?
What action accept or else reject the offer do you recommend to Valstar's management? Explain why you recommend this action
Assume that we produce only what we sell. Let P be the selling price in dollars per gallon. Suppose that the selling price and the sales quantity Q are interrelated as follows: Q 6 106 1.1 106P. Accordingly, if we raise the price, the product becomes..
Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average cost.
prepare the production budget and direct materials purchase budget for the quarter from the data given below.production
On July 1, 2016, Merideth Industries Inc. issued $48,800,000 of 10-year, 11% bonds at a market (effective) interest rate of 13%, receiving cash of $43,423,121. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds..
Identify each cost as either a product or a period cost
Elliot Corp failed to record accrued salaries for 2013, of $2,000, for 2014 of $2,100 and for 2015 of $3,900. What is the amount of the overstatement and understatement of Retained earnings at December 31, 2016? Management has decided to switch from ..
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