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The transactions of Spade Company: a. Kacy Spade, owner, invested $13,750 cash in the company. b. The company purchased office supplies for $399 cash. c. The company purchased $7,604 of office equipment on credit. d. The company received $1,623 cash as fees for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,915 as fees for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade, withdrew $1,100 cash from the company for personal use. Prepare the Trial Balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues, and Expenses.)
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Assume you're bearish on Stock Y and decide to sell short 100 shares at the current market price of $30 per share. You earn no interest on the funds in your margin account and the cost of borrowing shares is 0.25%.
Are capital assets taxed the same as other items of income? Be certain to identify items that affect valuation of the asset for accurate calculation of a gain or loss to the asset owner upon disposal, and explain how these items influence, or dete..
Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc. How much gross income is reported by Robert? By Mary?
Discuss the benefits of maximization of stock price to the society, focusing on three groups of stakeholders: owners, consumers and employees.
NEWCO Inc. had current earnings and profits of $50,000 when it made a nonliquidating distribution to an individual shareholder of land that NEWCO Inc. held for use in its business.
What impact would the differences in the methods allowed to determine fair value have on the financial reports? Differences from Fair value measurement AASB13
Yaro Company owns 30% of the common stock of Dew Co. and usesthe euity method to account for the investment. During 2011, Dew Rorted income of $250,00 and paid dividends of $80,000. There is no amortization associated with the investment. During 2..
Each year the supervisor prepares an operating budget for the motor pool. The budget informs university management of the funds needed to operate the pool. Depreciation on the automobiles is recorded in the budget in order to determine the costs p..
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
A company increased the selling price for its product from $5 tp $6 per unit when total fixed expenses increased from $100,000 to $200,000 and variable exense per unite remained unchanged. How would these changes affect the break-even point?
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation? Is there an instance where either of these two practices wo..
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