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Question 1: Suppose your firm loaned an employee $1,000 at 7% (interest rates are always assumed to be year) on July 1. On December 31, the firm is preparing its year-end financial statements. What adjustment would the firm need to make to properly account for any interest revenue that had been earned prior to year end?
Question 2: Suppose ABC Company pays its employees a total of $56,000 on the 15th each month for work done the previous month. ABC generally records salary expense when the employees are paid. If the ABC fiscal year end is June 30, 2010, does any salary expense need to be accrued at year end? If so, how much?
Equivalent Units Calculations-Weighted Average Method Ferris Corporation makes a powdered rug shampoo in two sequential departments. Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Calculate ..
On the statement of cash flows, the cash flows from operating activities section would include
Does it matter to you whether Fell- ingham is organized as a sole proprietorship, a partnership, or a corporation? Explain. Prepare the owners' equity section
If the market expects a return of 11.2% from stock X, what is its beta? (Do not round intermediate calculations. Round your answer)
Prepare adjusting journal entries to reflect each epreciation expense on store equipment, a selling expense, is $1400 for the fiscal year
You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and purchases ledgers.
Find the complete optimal solution to this linear programming problem. Graph to show each constraint and the feasible region. Provide graph on separate page. What is the optimal value of the objective function?
Pop-In Burgers owns numerous restaurants and food production facilities. The company routinely evaluates proposals to drive operational efficiency. Four such proposals are currently under review. One entails the suggestion to close the unprofitable s..
Long Horn Medical Services is considering an investment of $100,000. Data related to the investment and present value factors are as follows: The investment's net present value is:
Jay pembroke started a buiness. During the first month (April 20--), the following tranactions occured. Show the effect of transaction on the individual accounts of the expanded accounting equation: Assets= Liabilities + Owner's Equity (Capital-Drawi..
Prepare Engineering Contractors incurred service salaries and wages of $46,800 ($25,200 direct and $21,600 indirect) on an engineering project. The company applies overhead at a rate of 20% of direct labor. Record the entries to assign service salari..
accounts receivable decreased $11,400; merchandise inventory increased $28,000; prepaid expenses increased $8,200; accounts payable increased $5,400. Calculate the net cash provided or used by operating activities.
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