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In taking out a trial balance, a bookkeeper finds that he isout Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.
a) An item of sale for Rs. 11800 was posted to the sales a/cas Rs.19000.
b) The total of the sales returns book has been added Rs.200short.
c) An amount of Rs.7400 received from a customer has been credited to his account as Rs.14600.
d) Rs.300000 paid for purchase building has been charged to the ordinary purchase account.
e) A sum of Rs.19000 written off from building a/c as depreciation has not posted to depreciation a/c.
f) An amount received from a debtor of Rs.19400 has been debted to his account as Rs.15800.
Required: Given rectifying entries and prepares a suspense account.
Prepare the entries to record the issuance of the bonds and the first semiannual interest payment assuming that the company uses effective-interest amortization.
How may financial managers budget for unforeseen changes and improveme. How may financial managers budget for unforeseen changes and improvements in information technology that require large capital outlays?
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a charitable contribution deduction of $500,000 for a sculpture that the IRS later valued at $150,000. The applicable overvaluation penalty is:
Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory assuming Northwest uses the gross method to record purchases?
Calculate the total present value of these payments if the interest rate is 5% compounded annually.
Justify the time it takes to put together a budget for a human resource project. Support your justification by creating a hypothethical example of a human resource project. Relate specific elements of your example to support your justification.
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
Managing working capital effectively is what keeps good businesses from going bankrupt. So how does management determine the total amount of working capital required?
It has been said that many corporate executives seemed to believe that it was their job not to produce accurate financial statements for the auditors to certify, but rather to bully the auditors into certifying as aggressive a set of financial sta..
How should cost versus usage percentages be assessed and Analyzed? This area will need to address actual costs compared to edible portion costs. It should also include how waste affects costs. 100-150 words
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
Evaluate the effectiveness of the PCAOB's oversight related to both corporate management's and a certified public accountant for addressing a material weakness in internal controls
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