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The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010:
Accounts payable $ 2,000
Accounts receivable 5,500
Cash 11,000
Megan, Capital 40,000
Megan, Drawing 10,000
Interest expense 3,000
Note payable, due 8/31/13 60,000
Supplies 1,000
Service revenue 39,000
Equipment 5,000
a) What are total current assets?
b) What are total current liabilities?
How should Power Station account for the lease of the turbines from Energy Corporation? Please cite specific references in Codification. Be specific in your response and include rationale.
A trial balance that has total debits of $20,000 and total credits of $24,500. Which of error would cause the imbalance?
On January 1, 2010, Carla Industries issued 10% bonds dated January 1, 2010, which has a face amount of 25 million. The bonds mature in 2020. The market rate of interest 12%. The interest is paid on June 30 and December 31.
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
Prepare the entry on P Company's books to record the effect of the issuance assuming the cost method.
Karr Company purchased bonds with a face amount of $400,000 between interest payment dates. Karr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000.
Using published sources, identify the process of cost committment during various phases of some product's life cycle. Try to find several examples so that you can contrast the rate of cost committment for different products.
The gift shop uses an online e-cash processing company, which deposits cash receipts to the gift shop's bank account automatically. What strategies should the gift shop implement to ensure proper accounting for cash receipts generate from online s..
What is the fundamental accounting model? Explain what debit and credit mean? What is a journal entry?
During the current year, the Yankton Company purchased 200 shares of in the Sorros Company for $13,000 as a temporary investment. At the end of the year, the market value of the stock was $11,000. The Yankton Company's financial statements for the..
What are the different types of dividends that corporations may issue? When should a corporation pay dividends? Would you prefer a stock dividend or a cash dividend? Why?
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
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