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Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You provide the missing closing entry.
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
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.
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:
Since the Sarbanes-Oxley Act of 2002, fraud from lack of internal controls has gone down. At the same time, collusion between employees and among third parties has increased.
Assuming Karen is single, what are the amount and character of the loss recognized on the sale of the Central Corporation stock?
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
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