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Question - For each of the following situations, determine the necessary adjustments.
1. A firm purchased a two-year insurance policy for $3000 on July 1, 2010. The $3000 was debited from the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm's July 31, 2010, worksheet?
2. On December 1, 2010 a firm signed a contract with a local radio station for advertising that will extend over a one-year period. The firm paid $10,000 in advance and debited the amount to Prepaid Advertising. What adjustment should be made to record expired advertising on the firm's December 31, 2010, worksheet?
Stewart Inc's latest EPS was $3.50, its book value per share was $22.75, it had 212,500 shares outstanding, and its debt ratio was 46%. How much debt was outstanding?
On a recent trip to Africa, J. T. Brown, sales manager of Prompt Technology, took his wife along at company expense. Linda White, vice president of sales.
1 gross sales equalsa the total of cash sales and credit sales.b net income plus gross profit.c net sales minus sales
The firm's beta is 1.5 and the current risk-free rate is 6 percent. The firm plans to finance net capital expenditures (Cap Ex - Depreciation) and working capital with 20 percent debt. The firm also has current revenues of $5,000, which it expects..
Indicate how each of the following accounts should be classified in the stockholders' equity section.
Parent Company purchased 100% of Son Inc. on January 1, 20X2 for $420,000. Son reported earnings of $82,000 and declared dividends of $4,000 during 20X2.
whaleco aquired all of the common stock of minnowco early in year 1 for 500000 and minnowco immediately elected to join
on november 7 2011 ortez company borrows 150000 cash by signing a 90-day 8 note payable with a face value of 150000.
Optimum grouped exponential. For Problem 9.3, suppose that all I units have a common time T~ between inspections; that is,
Prepare journal entries for each of the transactions. Assume a perpetual inventory system. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions list..
A company $100 million of fixed interest rate bonds payable at $98 million. At year-end, the bonds were selling in the bond market at $97 million. What entry would Moore Company make at year-end to record the change in selling price?
silver co. sold merchandise to bronze co. on account 31103 terms 215 net 45. the cost of the merchandise sold is 14110.
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