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Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
The following information has been obtained for the Kerdyk Corporation. Compute taxable income and income tax payable for 2007.
Suppose a consumer has a daily income of $100 and purchases just two goods A and B. The price of good A is $5 and the price of good B is $4.
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?
Discuss main objectives of non- profit-making organisations
Calculate the recomputed basis of the property. Calculate the amount of ordinary income under Section 1245. Calculate the Section 1231 gain.
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
Using the returns for the Bledsoe Large-Cap Stock Fund and the Bledsoe Bond Fund, graph the opportunity set if feasible portfolios.
Examine the major factors which impact a company’s decision of whether to pay the dividend and determine what you believe is the most significant driver of the decision.
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
Distinguish between liquidity and profitability.
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