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Lang Enterprises was started when it acquired $4,000 cash from creditors and $6,000 from owners. The company immediately purchased land that cost $9,000.
a. Record the events under an accounting equation.
b. After all events have been recorded, Lang's obligations to creditors represents what percent of total assets?
c. After all events have been recorded, Lang's stockholder's equity represents what percent of total assets?
d. Assume the debt is due. Given that Lang has $6,000 in stockholder's equity, can the company repay the creditors at this point? Why or Why not?
Carolina Mills purchased $280,000 in supplies this year. The supplies account increased by $30,000 during the year to an ending balance of $71,000. What was supplies expense for Carolina Mills during the year?
An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.
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A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:
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The company's ending inventory on December 31, 2010, is estimated at 94,500 units. Develop a quarterly production budget for 2011 and for the year in total.
In recent years directors and CEOs of companies have been placing more importance on holistic reporting of company activities rather than simply reporting what is required by the Accounting Standards, the Corporations Act and other legislation.
The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately.If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 bedivided?
Berry Corporation pays 6% for its borrowed funds. Flynn Company, however, pays 8% for its borrowed funds. The product sold is carried on the books of Berry at a manufactured cost of $570,000. Assume Berry uses a perpetual inventory system.
Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.
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