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In an Excel spreadsheet configured similarly to the journal shown below, prepare year-end adjustments to the following situations. Omit explanations. Accrued interest on notes receivable is $105. Of the $12,000 received in advance of earning a service, one-third was still unearned by year end. Three years' rent, totaling $36,000, was paid in advance at the beginning of the year. Services totaling $5,300 had been performed, but not yet billed. Depreciation on trucks totaled $3,400 for the year. Supplies available for use totaled $690. However, by year end, only $100 in supplies remained. Payroll for the five-day work week, to be paid on Friday, is $30,000. Year end falls on a Monday. journal
Determine Hassell's and Lawson's participation in the year's net income of $378,000 under each of the independent assumptions above.
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
If beginning balance in prepaid insurance was $500 and$2,500 was paid for insurance premium during year, ending balance in prepaid insurance account (after the aboveadjusting entry) would be?
Jane and Bill have lived in a home Bill inherited from his parents. Their son Jim lives with them. Bill and Jane obtain a divorce during the current year. Under the terms of the divorce, Jane receives possession of the home for a period of five ye..
From the following, select the entry to record the factory overhead applied to production.
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end of the period by $5,000. What is the cost of goods manufactured?
Magenta Corporation also distributed $60,000 to its sole shareholder, Chuck, on November 30 of the current year. As a result of the distribution, which of the following is the correct regarding how Chuck should treat the distribution for the curre..
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.
Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,570 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 10% applies to this contract, how much should Fishbone r..
Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected th..
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
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