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The following adjustments need to be made before the financial statements can be prepared at the end of the year. Task 1: Enter the necessary journal entries into the template provided and provide the journal entry for each. December Interest on a bank loan is due on January 2nd of the following year: accrue $1,000. A contractor (outside services) has finished work on December 31st, but the invoice will not be received until January 7th of the following year: accrue $750. A rent payment was made on December 1st for three months from December 1st to February 28th of the following year (6,000 in total). Record the transaction properly. The companys part-time employees worked a total of 50 hours in December, but will get paid only by January 5th. The hourly rate is $15. The company must record the payment of its annual insurance premium for next year. The annual premium is $1,200, an adjustment is necessary to prepaid insurance. Task 2: Provide the adjusted trial balance (combine exercises 2.1 and 2.2 to show the adjusted trial balance).
What is the present value of a security that will pay $5,000 in 20 years if securities of equal risk pay 7% annually?
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted.
Parent sold land to its subsidiary for a gain in 2007. The subsidiary sold the land externally for a gain in 2010. Which of the following statements is true?
fred oatly is the loan officer of national bank of dallas. national has a loan of 260000 outstanding to regional
the following list in alphabetical order shows the various items that regularly appear on the financial statements of
A piece of equipment purchased on January 1, 2011, for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life. If the equipment was depreciated using the straight-line method and disposed of on December 3..
Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on Decemb..
In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..
A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a:
The average market price of Caruso's common stock was $25 during 2008. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
The slowing economy in 2000 combined with Home Depot's aggressive expansion efforts was the reason for Home Depot's poor financial performance.
The total assets on a balance sheet are 67,500. The total liabilities are 37,200. What is the value of the owner's equity?
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