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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.
Richard Hamilton has a fast - food franchise and must pay a franchise fee of $35000 plus 3% of gross sales. In terms of cost behavior, the total cost is a: a) variable cost b
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual sys
procedure followed in government system
what is going concern concept
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Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
WHAT ARE THE CHARACTERISTICS OF ASSETS
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