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The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers.
There are 300 packages in the beginning inventory on the first of January. Also, the company wishes to maintain an ending inventory of 10 percent of the next month's sales.
Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 on health insurance for her family.
In January 2011, Post, Inc. estimated that its year-end bonus to executives would be $720,000 for 2011. The actual amount paid for the year-end bonus for 2010 was $660,000.
All assets are valued fairly. Pam decides to retire from the partnership. Calculate the remaining partners' capital balances after the Pam withdrawal under the following situations:
a company is building a widget. during the current year a widget requires direct materials with a cost of 300. the
Calculate the partner's distributive shares of partnership income or loss and separately stated items.
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
Sarah is listening to her roommate to provide emotional support in a time of distress. According to your textbook, Sarah is engaged in listening.
Describe the revenue or payroll cycle at your organization? What source documentation is used in the revenue and payroll cycles at your organization? - answer 150-200 words.
An oil and gas investor is considering the acquisition of two fields.
At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of the tradename is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011.
At what value should the land be recorded in AAA Repair Service's records?
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