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Question 1: Operating - The Pasadena City Council ordered 8 dozen cookies for their council meeting on May 26th. Sunny charges $30.00 a dozen. Sunny still needs to bill the City Council for the cookies at the end of the month. Record the revenue from the cookies that has not been paid at May 31st.
Understanding the impact of percentage completion on profit - weighted average method. Gary stevens and mary james are production managers in the consumer electronics division of GE company, which has dozens of plants throughout the world. What perce..
At December 31, year 2, what amount should Rama show in notes to financial statements as a restriction of retained earnings as a result of its treasury stock.
Perfect Auto Rentals sold one of its cars on January 1, 2013. Perfect had acquired the car on January 1, 2011, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of three years and a residual value of $3,000 . Prepa..
How do the content of reports and the verification of reports differ between managerial and financial accounting?
Jasper Co. which is not a member of an affiliated group has gross income from operations of $425,000, and deductible expenses of $390,500. Dividends of $275,000 were received from more than 20% owned U.S. corporations.
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $10,500 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales?
Bank employees use a system known as the “maker-checker” system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry.
angelo diaz has decided to go into business selling colourful scarves which are popular among university students. he
Explain the mixed attribution model and the tradeoff between relevance and reliability in financial statements
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly and Additional accounts are: Depreciation Expense; Insurance expense; Interest Payable; and Supplies expense.
Jonathan’s credit card company determines his minimum monthly payment by taking 2.5% of any outstanding principal and adding it to interest charges on new monthly purchases. The credit card company charges an interest rate of 0.05623% per day. On Dec..
In addition, the company borrowed $100. What is Callahan's cash balance at the end of the quarter
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