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Royston Realty reported the following accounts on its income statement:
Commisions earned 54,000 Travel and Entertainment 4,500
Real estate board fees paid 5,000 Insurance Expired 780
Computer line charge 864 Advertising Expense 1,460
Depreciation on computer 450 Office supplies used 940
Car expenses 2,200
1. Prepare the neccessary entries to close the temporary accounts
2. Explain why the closing entries are necessary and when they should be recorded
on june 30 2007 semiannual secured bonds having a face value of 200000 a life of 10 years and a coupon rate of 7 were
The following questions concern independence and the Code of Professional Conduct or GAAS. Choose the best response.
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
layt clock company has developed the following flexible budget for its overhead costs. the standard hours allowed per
western bank amp trust purchased land and a building for the lump sum of 3 million dollars. to get the maximum tax
What are some objections to profits?
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
What is meant by the concept of reasonable assurance in terms of internal controls?
The income statement of a corporation for the month of November indicates a net income of $200,000. Would it be correct to say that the business incurred a net loss of $25,000 during the month? Why?
Marketing and adminstrative expenses were fixed and totaled 20,000 each year a. Prepare an income statement for each year using absorption costing.
the chief executive of a clothes manufacturer charged with committing financial fraud was dismayed that the controller
Parker Company had $5000000 in sales and reported a $300000 loss in its annual report to stockholders.According to a CVP analysis prepared for managements use, $5000000 in sales is the break even point for the company.
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