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A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. Assets = Liabilities + Stockholders' Equity Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings Rev. - Exp. - Div. 1. $20,000 $20,000 Com. Stock 2. -1,000 $5,000 $4,000 3. -750 $750 4. 4,400 $5,400 $9,800 Serv. Rev 5. -1,500 -1,500 6. -2,000 -2,000 Div. 7. -800 -800 Rent Exp. 8. 450 -450 9. -3,000 -3,000 Sal. Exp. 10. 500 -500 Util. Exp. Determine how much stockholders' equity increased for the month.
define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
what is the matching rule applied?
Cross indexing is made up
Which statements about marginal costing are correct? 1. The marginal cost of a product involves an allowance for fixed overheads. 2. The marginal cost of a product presents t
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that wer
Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent
Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
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