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Remember debits increase Assets and Expense, where as credits increase Liabilities and Equity accounts.
need help in to putting this into journal entires for accounting
Purchased furniture for $2,000
Paid utilities $75
Bought an auto for $10,000, 20% in cash the balance on credit
Owe a plumbers $100 for services performed
Sold $1,000 of merchandise, that cost $650
Bought a building for $150,000 by taking out a 90% loan for three years.
A flexible budget is prepared using
The yield to maturity on new issues of similar corporate bonds is 5.2%. Someone offers you $1,225 for your bond. Is this a fair price, to you the seller? Illustrate what is the fair price?
Schreiner, a cotton farmer, agreed over the telephone to sell 150 bales of cotton to Loeb & Co. Schreiner had sold cotton to Loeb & Co. Four months later, when the price of cotton had doubled, Loeb & Co. sought to enforce the contract. Schreiner argu..
The controller of Nebula Corporation has provided you with the following information: Prepare a statement of cash flows (for operating activities only) for the year ended December 31, 2017, using the direct method.
Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $28,000 at the end of the current year, prior to any distribution. On December 31, they each receive an operating distribution. Coy rec..
Show the balance sheet presentation of accrued interest and the bond liability at December 31, 2012 and record the redemption of the bonds assuming that interest for the period has already been paid.
The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of March. The central warehouse serves all of the company's stores. What is the total amount of the costs listed above that are direct costs of the..
Burn Hill Road Vending reported a pretax operating loss of $175,000 for financial reporting purposes in 2013. Contributing to the loss was an estimated loss of $30,000 from accruing a loss contingency. The loss will be tax deductible when paid in 201..
What different institions will be used, and what is the role of each? What is needed for the entity to go public? What is the role of the investment banker? What will potential investors seek? How will financial and capital markets affect the entity'..
Fielder co obtained land by issuing 2,000 shares of its 10 par value common stock. The land recently appraised at 85,000 the common stock is actively traded at 40 dollars per share. Prepare journal entries to record acquisition of the land.
Decision to Use Transfer Prices ACCOUNTING CONNECTION The production process at Premium Castings includes eight processes, each of which is currently treated as a cost center with a specific set of operations to perform on each casting produced. Foll..
Perdon Corporation manufactures safes—large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two products. Part of this analysis involves estimating the amoun..
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