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For this discussion, imagine you are an accountant for J. Malone's Law Firm. The accounts and transactions of the firm are listed below. Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
Inflation was 8 percent during the most recent year and your organization's investment in land rose 12 percent. If the beginning appraised land value was $1,000,000, what increase in specific prices over general price level would be reported, stat..
Gerken Company concluded at the beginning of 2013 that the company's ownership interest in DillCo had increased to the point that it became appropriate to begin using the equity method to account for the investment.
A preliminary analytical review of the company's most recent balance sheet and income statement
Depreciation is recorded on a straight-line basis at end of each fiscal year. The useful life of equipment is five years.
Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:
Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985.
The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.
For a leased asset under a lease that qualifies as a capital lease, the depreciation period used by the lessee must be:
Fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable resources.
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