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1. Fun Facts Magazine gains a client who prepays $120 for a package of seven magazines per month for six months. Fun Facts Magazine collects the $120 in advance and will provide the magazines later. Which of the following will be included in the journal entry when Fun Facts Magazine records receipt of this $120 prepayment?
A. Credit to Revenue of $120
B. Debit to Revenue of $120
C. Credit to Unearned Revenue of $120
D. Credit to Cash of $120
2. What is the impact on the financial statements if an adjusting entry for deferred expense is not made?
A. Assets understated
B. Expenses understated
C. Expenses overstated
D. Both A and B
Young Corporation has determined the contribution margin ratio is 35% and the income tax rate is 40%. Assume break-even volume in dollars is $1,500,000. What are total fixed costs?
Assume that a company has a profit margin of 6.0 percent, a debt ratio of 3.2 times, and a debt ratio of 50 percent, what is the return on assets and return on equity?
A company's income statement showed the following: net income, $124,000; depreciation expense, $35,000; and gain on sale of plant assets, $9,000. An examination of the company's current assets and current liabilities showed the following changes as a..
Shamrock Company had net income of $30,000. On Jan 1, there were 8,000 shares of common stock outstanding. On April 1, the company issued an additional 2,000 shares of common stock. There were no other stock transactions. The company has earnings per..
Journalizing the transaction of stock issue for cash and asset - Journalize the transactions.
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Adams Apples holds 1,000 shares of General Electric common stock. The stock was initially purchased in July 2014. On December 31, 2014, and December 31, 2015, the market value of the stock is $18 and $20 per share, respectively. What is the appropria..
Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight company agreed to pay the return freight cost.
Determine the value of the inventory at the lower of cost or market.
Define and explain activity-based costing (ABC) systems. Be sure to compare simple and ABC costing systems by explaining the benefits and limitations of each. Additionally, reread the articleRethinking Activity-Based Costing, and express your opinion..
financial information for roberts company at december 31 2011 and for the year then ended are presented
Cost the problems of materials using LIFO and FIFO methods
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