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The general ledger of the Karlin Company, a consulting company, at January 1, 2011, contained the following account balances: The following is a summary of the transactions for the year: a. Sales of services, $100,000, of which $30,000 was on credit. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable). e. Paid miscellaneous expenses, $24,000. f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. 2. Prepare a general journal entry for each of the summary transactions listed above. 3. Post the journal entries to the accounts. 4. Prepare an unadjusted trial balance. 5. Prepare and post adjusting journal entries. Accrued salaries at year-end amounted to $1,000. Depreciation for the year on the equipment is $2,000. The allowance for uncollectible accounts is estimated to be $1,500. 6. Prepare an adjusted trial balance. 7. Prepare an income statement for 2011 and a balance sheet as of December 31, 2011. 8. Prepare and post closing entries. 9. Prepare a post-closing trial balance.
Compute the weighted-average accumulated expenditures on Laserwords' new building during the capitalization period.
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What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
you know your assistant calculate the npvs correctly. the npv is after allowing for the outlay. here are data for five
a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?
journalize the following selected transactions completed during the current fiscal yearjan 3 the board of directors
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An adjustment to retained earnings as a result of a conversion of preferred stock to common stock most likely would occur when:
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Based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 4% in the year after sale, and 6% in the second year after sale. Sales and actual warranty expenditures for the first three-year period were as follows:
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