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At the end of the current year, the UNADJUSTED accounting records contain the following selected accounts and balances:
Other Revenue $ 13,600
Salary Expense $32,200
Supplies Expense 16,500
Rent Expense 12,400
Depreciation Expense 22,000
Legal Fees Earned 64,300
Utilities Expense 22,400
Income Tax Expense 15,800
Accounts Receivable 22,300
Dividends 13,000
Required:
Question A) The company has not paid its employees for the final three days in the current year. The amount owed is $2,500. How much salary expense should be reported for the current year ended December 31?
Question B) What additional adjustments would you expect the company to make at year-end that would result in additional revenue as a result of the accounts listed?
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A Company forecasts sales of $91,500 for the quarter ended December 31. Its gross profit rate is 18% of sales, and its September 30 inventory is $25,000. If the December 31 inventory is targeted at $7,500, budgeted purchases for the fourth quarter..
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