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Question 1: ON December 31, Elite Property Management made an adjusting entry to record $300 management fees earned but not yet billed to Marge Carson, a client. This entry was reversed on January 1. On January 15, Carson paid Elite $1200 of which $900 was applicable to the period January 1 through January 15. The journal entry made by Elite to record receipt of the $1200 on january 15 includes:
Option A. A credit to management fees earned of $1200
Option B. A credit to Accounts receivable of $300
Option C. A debit to management fees Earned of $300.
Option D. A credit to Management Fees earned of $900.
Bruno's Lunch Counter is expanding and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project req..
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares.
dividends are declining at the constant rate of 4% per year. If D0 $6 and rs 14%, what is the estimated value of Brushy Mountain's stock?
What information about its pension plan would a company normally be required to disclose in the notes to the financial statements and when a company decides to switch from LIFO to FIFO for inventory valuation, this change should be treated as what
On November 15, 2011, Beta Company purchased 500 shares of Aquarium Suppliers Corporation for a short term investment at $60 per share. (Aquarium Suppliers has 1,000,000 shares of common stock issued and outstanding.) At December 31, 2011, the market..
Ilga Ross purchased a new computer on a monthly purchase plan. The computer sold for $1,575. Ilga paid 10% down and $65 a month for 24 months. How much in interest did Ilga pay due to financing the computer?
Liddy Corp. began constructing a new warehouse for its operations during the current year. In the year Liddy incurred interest of $30,000 on a working capital loan, and interest on a construction loan for the warehouse of $60,000. Interest computed o..
Woody Light year is considering the purchase of a toy store from Andy Enterprises. Woody expects the store will generate net cash flows (cash inflows less cash outflows) of $50,000 per year for 10 years. What is the maximum amount Woody should offer ..
The taxable pay is taxed at the rate of 20 per cent on the first £250 and 25 per cent thereafter. He pays National Insurance of £130 for the month. Calculate his net pay for the month.
computation of annual payment.you will retiring in 25 years and want to have amassed 1 million in savings at the time
Nick Heller owns a garage and is contemplating purchasing a tire retreading machine for $22,000. After estimating costs and revenues, Nick projects a net cash flow from the retreading machine of $3,800 annually for 9 years. Nick hopes to earn a retur..
If you require a 10% annual rate of return on this investment, what is the present value of these cash flows at a 10% annual rate of return?
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