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Consider the following balance sheet:
Cash$ 70,000Accounts payable$ 30,000
Accounts receivable 30,000
Long-term debt 20,000
Inventories 50,000
Common stock 200,000
Net fixed assets 350,000
Retained earnings 250,000
Total assets $500,000
Total claims $500,000
Problem 1: Assume that the business uses $30,000 of its cash to pay salaries. Which of the below statements reflects the resulting balance sheet change?
A. There is a change to the left-hand side only. B. There is a change to the right-hand side only. C. The cash account decreases by $30,000 and the retained earnings account are reduced by $30,000. D. The cash account decreases by $30,000 and the long-term debt account are reduced by $30,000. E. The company does not have the ability to pay $30,000 in salaries.
Prepare an income statement capital statement and balance sheet. A. Assets 15,000 = Liabilities 6,000 + Capital ? Accounts payable 42,000
The total factory overhead for Rowland Company is budgeted for the year at $652,000 and divided into two departments: Fabrication $460,000 and Assembly $192,000. Rowland manufactures two products: treadmills and weight machines. Determine the factory..
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Distinguish between sales and operational risk. Disk how a company can have a high degree of sales risk, yet a low degree of operating risk.
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What the cost is, When the seller pays shipping costs to have goods delivered to customers? included in operating expense./ added to inventory
On January 1, 2014, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,435,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $920,000, retained earnings of ..
The company estimates future uncollectible accounts. The company determines $3,500 of accounts receivable on January 31 are past due, and 50%
What amount of dividends will a shareholder owning 100 shares receive in 2011 if Emily pays $1,000,000 in dividends?
Create short summary critically evaluating the debate for and against an international conceptual framework and international accounting standards.
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