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Question 1 - Western Company had $500 of store supplies available at the beginning of the current year. During the year Western Company purchased $2,750 worth of store supplies. On December 31 of this year $375 worth of store supplies remained.
a) Calculate the amount of Western Company's store supplies expense for the current year. (Show your calculations.)
b) Prepare the journal entry to adjust the supplies account.
Question 2 - Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday.
a) Prepare the December 31 year-end adjusting journal entry Barnes Company should make to accrue wages.
b) Show the December 31 adjusting entry to record $750 of earned but unpaid salaries of employees at the end of the current accounting period.
Griffin Corporation, Calculate Griffin's allowable dividends-received deduction and its after-tax cash flow as a result of the dividend from Eagle.
A manager has up to $200,000 available to invest in new construction equipment for the company. The manager must purchase at least one new dump truck.
Explain how Cole Hardware used technology to manage inventory and identify at least two benefits of the use of this technology by the company.
Prepare a budget for an imaginary fashion show at New York Fashion Week. Select an estimate for each cost within the range given
The plant has a maximum capacity of 50,000 units. Analyse the consequences for the company if they accepted the new order and the customer wished to purchase
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the lester lester fredrick corporation has in recent years maintained the following relationship among the data on its
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Using the information from RE12-9, assume that three years later the fair value of America's Sweethearts is $720,000. Of this fair value, $350,000 is attributable to identifiable assets and liabilities. Calculate the impairment loss (if any) and reco..
Joe has asked you to help him decide which of these potential contributions will be most advantageous tax-wise. Jay's taxable income is $3.5 million before considering the contribution. Rank the four alternatives and communicate your advice to Joe..
The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,121,599, accounts receivables of $3,488,121, notes payable worth $1,151,663, and other current assets of $121,455. What is the com..
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