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A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000. During 2012 the company reported the following: net income of $225,000; a sale of treasury stock costing $75,000 for $79,750; a treasury stock purchase costing $125,700; a cash dividend declaration of $73,200; a 10,000 share "small" common stock ($10 par value) dividend was declared and distributed when the market value was $12.75 per share. What is the owner's equity balance on December 31, 2012?
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2010 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2018 $1,200,000
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Justify the time it takes to put together a budget for a human resource project. Support your justification by creating a hypothethical example of a human resource project. Relate specific elements of your example to support your justification.
What is the significance of current assets vs. long-term assets? Would they affect your ability to obtain a loan or sell your business? Explain.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.
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