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Taylor Co. bills a client $48,000 for services provided and agrees to accept the following three items in full payment: (1) $7,500 cash, (2) computer equipment worth $75,000, and (3) to assume responsibility for a $34,500 note pay related to the computer equipment. The entry Taylor made to record this transaction includes which one or more of the follow.
a. $34,500 increase in liability accountb. $7,500 increase in the Cash accountc. $7,500 increase in a revenue accountd. $48,000 increase in an asset accounte. $48,000 increase in a revenue accountf. $34,500 increase in an equity account.
prepare jountal entries to record the following transactions involving the short term securities investments of blake
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
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The following information is available for completed Job No. 402: Direct materials, $25,000 direct labor, $35,000 manufacturing overhead applied, $20,000 units produced, 8,000 units units sold, 6,000 units. The cost of the finished goods on hand f..
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lavender company has decided to use a predetermined rate to assign factory overhead to production. the following
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