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The accountant for Mystic Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for
(a) Unearned revenue earned during the year ($21,950) and
(b) Accrued wages ($6,100). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Set up a table similar to the following, and record your answers by inserting the dollar amount in the appropriate spaces.Insert a zero if the error does not affect the item.
doug maltbee formed a lawn service business as a summer job. tostart the business on may 1 he deposited 1000 in a new
melissa the owner of a sole proprietorship does not provide health insurance for her 20 employees. she plans to spend
sacred heart hospital purchased a 150000 special radiology scanner from hospital supply inc. the scanner has a useful
Presidio, Inc. produces one model of mountain bike. Partial information for the company follows: Bikes Cost per Unit: 625 800 1050
the project proposal is the financial and operational consequences of a merger between two organisations. the project
Prepare Bloom Company 's retained earnings statement for the current year.
Explain the effect on the accounting equation of each of the following transactions: (a) At the start of Year 1, Bright Ltd issues 200,000 shares at nominal value 25 pence per share, receiving £50,000 in cash.
manilow corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the
Determine the effect of the change and prepare the appropriate journal entry to record ABC Co.'s Income tax expense for 2011.
the summary of the payroll for the monthly pay period ending july 15 indicated the following sales salaries 115000
Prepare a capital budget for the Hot New Café with the net cash flows for this project over a 5-year period. Calculate the payback period (P/B) and the net present value (NPV) for the project.
Llimitation of the accounting classification system was referred to throughout the chapter. What is meant by this? Give some examples. Why is the accounting classification system the foundation of the accounting discipline?
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