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Problem - Write the journal entries of the following transactions.
1. During 2020, BBE sold 100 warranties for $5,000 each on its bathtubs. The warranty period is five years. Historically, the warranties have resulted in a cost of approximately $500 each per year. BBE uses the cash basis to recognize the warranty expense and revenue. During 2020, no warranty costs were incurred.
2. On December 31, 2020, BBE was notified that it will need to perform a cleanup every 10 years of the area surrounding its plant. BBE estimated that the costs of the cleanup will be approximately $500,000 in 10 years. Thomas indicated that, because the amount is not due for years, there is no need to recognize anything at this point. However, the company also publicly pledged they would spend another $50,000 to landscape and enhance the area around their plant.
Make the necessary journal entry to close Income Summary to the capital accounts if: Partners agree to divide income based on their beginning-year
Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4
Cort Hospital was established as a not-for-profit organization on January 1, 2013, to take over the assets of an existing hospital.
Rae Corporation has $100,000,000 in invested capital. Calculate the investment turnover for Rae Corporation
Sales were 545 units at $25. Using the FIFO method, determine the dollar values following for the month of May: Ending Inventory
Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control and (2) provide an example of how this control could b..
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jeelani construction company is composed of two divisions 1 home construction and 2 commercial construction. the home
Are Audit Committees important to an organisation and why? Explain by decribing the role and responsibilities. What is the role of an internal auditor?
pension worksheet
All liabilities are current (the company has no long-term debt). The company has a current ratio of 0.7. How much is the company's working capital
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