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Prepare journal entries in good form for the following transactions for the Goodland Company. Omit explanations. (So that a line won't be automatically skipped, you may hold the shift & enter.)
a. The owner invested cash of $14,000 and office equipment valued at $6,500 in the business and received common stock in exchange.
b. Supplies were purchased on account for $1,000.
c. Payment of $750 was made for one month's rent on the store.
d. A client was billed $1,500 for services rendered.
e. The company declared and paid a cash dividend of $300.
When the present value analysis of a proposed investment results in an indication the proposal has a rate of return greater than the cost of capital, the investment may not be made because:
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
Ganzalez, Inc., manufactures stereo speakers in two factories: one in Vandalia, Illinois and another in Modesto, California. The Vandalia factory uses DL$ for its overhead rate and the Modesto factory uses machine-hours (MHs) for its overhead rate..
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
Please indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
Propose a minimal classification scheme that can be used to protect any business and provide examples of the type of information that would fall into each category.
Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share.
In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?
Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..
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