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Question - Buena Vista Social Club accumulates the following adjustment data at December 31.
1. Revenue of $1,100 collected in advance has been earned.
2. Salaries of $600 are unpaid.
3. Prepaid rent totaling $500 has expired.
4. Supplies of $450 have been used.
5. Revenue earned but unbilled total $750.
6. Utility expenses of $200 are unpaid.
7. Interest of $300 has accrued on a note payable.
Required - Assume net income before the adjustments listed above was $15,500. What is the adjusted net income assuming all of the adjustments above are made properly and on a timely basis?
Bill and Ted form a partnership with cash contributions of $40,000 each. Based upon these facts, what are Bill's and Ted's bases in the partnership
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tl division of giant bank has assets of 14.4 billion. during the past year the division had profits of 1.8 billion.
Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.
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if the month-end bank statement shows a balance of 36000 outstanding checks are 10000 a deposit of 4000 was in transit
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Does cost allocation provide relevant information for financial statement users? Why or why not?
Aracel Engineering completed the following transactions in the month of June.
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