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You have been engaged to review the financial statements of Water Sync Inc. In the course of your investigation you find a number of irregularities during the current year.1. Insurance for a 6-month period purchased on October 1 of this year was charged to prepaid insurance in the amount of $5,000.2. Year-end estimate of bonuses totaled $61,000 and was not recorded because the payment would not be made until next year.3. Warranty expense averages 5% on current year sales of $5,000,000. Warranty expense is automatically debited for 5% of each sale. During the current year, the company also paid $225,000 in warranty related claims. The bookkeeper thought that the payments were an expense and debited warranty expense.4. Office rent is paid quarterly in advance. The first quarter rent for next year ($25,000) was paid in December and rent expense was debited.InstructionsPrepare the necessary correcting entries, assuming that Water Sync Inc. uses a calendar-year basis.
Determine Tonya's adjusted gross income for the current year. I know that the income is limited to the tax benefit from the prior year, but I am unsure of the tax benefit of the prior year, whether you would use all the of $10,000 or if it's limit..
Which of the following is a significant disadvantage of a general partnership
For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover?
Lea Mediators, a not for profit religious organization suffered damages when a storm broke glass windows in Lea's building. A member of Lea's congregation, a professional glazier, replaced the windows at no charge. In Lea's statement of activities..
Prepare an absorption costing income statement for the quarter ending March 31 as shown in Schedule 9 in the chapter. Prepare a balance sheet as of March 31
You have been asked to prepare a presentation on managerial accounting for the next board of directors meeting for your company. Prepare a paper of 2-3 pages that discusses the following:
Mondial Corporation's financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,00, operating expenses of $380,000 and $4,000 of dividends received from a 40% owned company.
Prepare the journal entry to recognize the income tax benefit of the operating loss. Airparts elects the carryback option.
consider two bonds. One is maturing in 5 years and one matures in 10 years. Each has a coupon of 8% paid annually. Each is priced to yield 9% as follows: 5 years $961.10 and 10 years $935.82. Why the difference in price?
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
Glen and Michael are equal partners in Trout Enterprises, a calendar year partnership. During the year, Trout Enterprises had gross income of $400,000 and operating expenses of $220,000.
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
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