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Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Clay Enterprises for the year ended December 31, 2011.
Accts Payable:$4,800
Accts Rec.:600
Buildings:56,000
Cash:26,200
Commissions Earned:20,500
Common Stock:50,000
Dividends:3,000
Insurance Expense:1,000
Land:$39,000
Notes Payable:6,000
Rent Expense:3,000
Salaries Expense:8,400
Supplies:400
Interest Expense:600
Income Tax Expense:1,500
Accumulated Depreciation(Building):4,000
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.
Compute the number of regular cruises and executive cruises
micro technology is considering two alternative proposals for modernizing its production facilities. to provide a basis
on march 1 2014 eric keene and abigail mckee form a partnership. keene agrees to invest 21100 in cash and merchandise
Critical Evaluation in the Humanities
prepare a cash receipts journal based on the information given below and post it to the accounts receivable subsidiary
Legion records interest at the effective rate
First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale.
Which of the following is not a required segment reporting disclosure according to International Financial Reporting Standards?
Assuming that the company's $490,000 ending finished goods inventory account for 2011 had $250,000 of direct materials costs, determine the inventories direct labor costs and its overhead costs.
Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month.
One of your clients was to form a new business. He spoke to his lawyer and was advised to check with CPA to determine the business form of organization.
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