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REM Consulting is completing the accounting information processing at the end of the fiscal year, December 31. The following trial balances are available. Accounts Unadjusted Trial Adjusted Trial Debit Credit Debit Credit Cash 13,000 13,000 Accounts Receivable 1,500 1,800 Prepaid Insurance 600 200 Supplies 3800 3000 Machines 30,000 30,000 Accumulated Depreciation 12,000 17,500 Wages Payable 900 Unearned Revenue 6,700 6,500 Common stock 24,000 24,000 Dividends 4,800 4,800 Service Revenue 25,000 25,500 Wages Expense 14,000 14,900 Insurance Expense 400 Supplies Expense 800 Depreciation Expense 5500 67,700 67,700 74,400 74,400 Required: (a) Reconstruct the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. (b) What is the amount of net income?
1 analyze a publicly traded companys financial statements for the prior five years. include the following items as
Explain whether adopting IFRS in the U.S. would materially change how Company A would account for these contracts; and, if so, how the recognition changes would affect revenue recognition timing.
Prepare a monthly production schedule and a monthly summary of cash payments for January through June. Dina produced 800 units in December.
the question is about accounting for merchandising operations involving journal entry.assume it is monday may 1 the
One of the primary purposes of the favorable tax treatment of certain investments is to provide an incentive for making these investments. For example, when lower tax rates are allowed for the gains on sales of capital assets, individuals and busines..
The firm was authorized to issue 85000 shares of $5 par common stock. During 2011, Doe had the following transactions relating to shareholders equity: Illustrate w hat is total paid-in capital at the end of 2011?
questionjohnson corporation purchased overall of the outstanding common stock of smith corporation for 11000000 in
Prepare a trial balance with the accounts arranged as illustrated in the chapter, and fill in the missing amount for Cash and prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2012
Prepare Davis consultings cash budget for January and February 2013 and how much cash will Davis borrow in February if cash receipts from customers that month total $21,500 instead of $51,500?
calculation of lease amount for the given data.payment that wrenn will require from contech? assume a marginal tax rate
A corporate taxpayer has an income tax expenditure recorded on its preliminary financial statements if $13,000,000. How could the $1,000,000 be reflected in the financial accounting income statement?
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained. Describe the factors that the auditor should consider in evaluating inquiry and oral evidence provided by client officers and emp..
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