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Yolanda Fonagy sat in Mr. Voytek's accounting class, frustrated and confused. She felt certain that she knew the basic's of debiting and crediting accounts. Furthermore, her textbook clearly showed that asset accounts, such as Bank, are increased by debiting. However, when she made her last bank deposit, she discovered that the teller had increased her bank balance by crediting her savings account! She was certain that either the textbook, her teacher or her bank teller had made a serious error.
1. Was Yolanda correct in assuming that an error had been made? Defend your position.
2. Check the passbook you have received from your bank. Has the bank also increased your bank balance by crediting your account?
3. Write a short paragraph explaining to Yolanda why her account was increased by a credit entry.
Assume Jason Woo Corp. restricted retained earnings in the amount of $280,000 on December 31, 2012. After this action, what would Woo report as total retained earnings in its December 31, 2012, balance sheet?
fixed costs are $250,000, the unit selling price is $20, and the unit variable costs are $16, what is the break-even sales (units) if fixed costs are reduced by $40,000?
Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $410,400 net income to the partners under each of the following separate assumptions:
On September 30, MFP Co. paid employee salaries $7,000, including $1,000 it owed to its employees last month. What are effects of this transaction on the accounting equation?
Calculation of product cost and breakeven point - Evaluate the product cost of training a student over the entire course (there are 75 students in this particular course)?
Determine the earnings per share on common stock, assuming that the income before bond interest and income tax is (a) $10,000,000, (b) $12,000,000, and (c) $14,000,000.
From data calculate the inventory value in the Balance sheet - determine the amount that should appear on Oliva's balance sheet at December 31, 2007, for inventory.
Definition of Primary and Secondary Market and identification of their role in Finance.
Organize journal entries to record the transactions. Purpose adjusting entries on December 31 to record accrued interest (daily interest is evaluated utilizing the 360 day method).
What amount, if any, could be reported as a liability for this contingency as of 31st December, 2010 and How could the contingency be reported in the financial statements of Shinobi Inc
A company pays an 11.5% state income tax and is in the 34% federal income tax bracket level. Calculate the combined incremental tax rate to be used for project analysis.
Calculate the firm tax on its operating earnings only find the tax as well as the after tax amount attributable to the interest income from zig manufacturing bonds
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