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In taking out a Trial balance, abookkeeper finds that he is out Rs.1600 excess debit. Beingdesirous of closing his books, he places the difference to a newlyopened suspense account. In the next period, he discovers thefollowing discrepancies.
a) An item of sale for Rs.11800 wasposted to the Sales A/c as Rs. 19000.
b) The total of the sales returnsbook has been added Rs.200 short.
c) An amount of Rs. 7400 receivedfrom a customer has been credited to his account as Rs.14600.
d) Rs.300000 paid for purchase ofbuilding has been charged to the ordinary purchase account.
e) A sum of Rs.19000 written off frombuilding A/c as depreciation has not posted to depreciationA/c.
f) An amount receivedfrom a debtor of Rs.19400 has been debited to his account asRs.15800.
Required: Given rectifying entries and prepares a suspense account.
Suppose the product manager of a new Flower Mills cereal has determined that the appropriate wholesale price for a carton of the new cereal is $48. The fixed costs for the production and marketing of the new product are $15million.
Prepare a statement of cash flows using the indirect method.
What is meant by the dual-track approach of accounting for the government-wide level besides the fund level, and how does it compare to a worksheet approach?
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
Managing working capital effectively is what keeps good businesses from going bankrupt. So how does management determine the total amount of working capital required?
What type of reorganization has taken place? Describe the tax consequences to Mound Corporation, its former shareholders, and Mountain Corporation.
Worthington Company purchased a machine on January 1, 2008, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage.
Could a company lose to a competitor if they do not have real time online perpetual inventory records to provide answers to customers that are trying to place an order?
The revenue principle states that revenue should be recognized at a point when:
Dee's inventory and accounts payable balances at December 31, 2011, increased over their December 31, 2010, balances. Should these increases be added to or deducted from cash payments to suppliers to arrive at 2011 cost of goods sold?
Twyla Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.
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