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Problem 1: If the last item on a trial balance reads "Owner's Equity",this must be the
a. post-closing trial balance.
c. adjusted trial balance.
b. unadjusted trial balance.
d. reversed trial balance.
Problem 2: If a trial balance were to be prepared on the first day of the new year, and the account Salaries Expense had a credit balance, you would know that
a. the trial balance is a post-closing trial balance.
b. the adjusting entries have been recorded.
C. the trial balance is an adjusted trial balance.
d. a reversing entry has been made.
Basic inventory data for June are presented for a business that employs the lower of cost or market basis of inventory valuation.
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During the year earned 2,000 weeks of vacation leave and used 1,500 weeks. What amount should be reported as vacation pay expense
The firm has 150,000 shares of common stock outstanding. Apply the VC method to determine the value of the NYDeli at the end of four years.
At January 1, 2015, Alligator Industries reported retained earnings of $150,000. During 2015, Alligator had a net loss of $30,000 and paid dividends of $15,000. At December 31, 2015, the amount of retained earnings is.
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Bird Company will pay $800,000 cash down, sign and issue a Note Payable to Fish Sail Company in the amount of $500,000, Prepare the journal entry
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Dave's Delicious Desserts, Inc. buys a refrigerated display case for its store from The Fridge Supply Co. Dave's pays by check made out to the order of the Fridge Supply Co. in the amount of $1000. The Fridge Supply CO. doesn't cash the check. Instea..
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