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Question - Thiessen Tutoring Services provides in-home tutoring services to elementary school students. In December 2019, it provided four tutoring sessions to a client, who agreed to pay $400 after every 10 sessions. The company has a December 31 year end. Assume that Thiessen Tutoring Services will provide six more sessions to the client in January 2020, when the client will pay $400. Assume that Thiessen Tutoring Services provided the other six sessions to the client in January and the client paid in full at the end of the month. Thiessen Tutoring Services also borrowed $75,000 from the bank on November 1, 2019, and must repay the loan principal and interest on February 1, 2020. The bank charges an annual interest rate of 6% on the loan.
a) Record any adjusting entries required on December 31, 2019?
b) Record any adjusting entries required in 2020?
Serenade Corp.'s cash flow last year was $969.86 million. The company has 276.66 million shares outstanding. What is the firm's cash flow per share ratio?
Calculate the cash flow coverage ratio based on the following information: EBIT = $540,000; depreciation and amortization = $65,000
Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10000 to her patient. After 2 years of attempting to collect the money, it is clear that she will not be albe to collect anything. Sharon reports income on her tax retur..
The cost of inventory sold was $80,000. On May 11, Lama received payment from the customer. Calculate amount of gross profit reported in income statement.
2018 increased by 44% compared to 2017. If the Debt to Equity ratio for 2017 is 122% and for 2018 is 67%, what is the total equity amount for the year 2018?
The Esposito Import Company had 1 million shares of common stock outstanding during 2016. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these ..
When a company that sells its products with positive gross profits increases its sales by 15 percent and its cost of goods sold by 7 percent, the cost of goods sold ratio will
the practical and theoretical considerations interact in reality. each group will hand in a report that analyzes a
How do Construct the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020
Joe tells the board of Little Cat about his idea to drill a well, What are the corporate governance and ethics problems? Do not discuss legal problems
How much cash will Sonia receive at the end of the liquidation process? The partnership was liquidated by selling the noncash assets for P190,000.
What is the cost of the raw materials requisitioned in June for each of the three jobs?
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