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Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011. Previous period's information were as follows: net receivables, $290,000 and inventory, $82
ABC Corportation purchased $15,000 of office furniture by putting down $7000 soqn in cash and the rest on accout
INCOME ACCOUNT (a) Classification : Income will be classified under appropriate headings: Rents; Interest on Government securities; Dividends; Interest on
Presented below are condensed financial statements adapted from those of two actual companies competing as the primary players in a specialty area of the food manufacturing and dis
On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem
Differences in Inter company balances i) Cash in transit Where one company may have sent cash which is yet to be received by the other company as at the end of the financia
Explain the term- Not-for-profit organisations There are many organisations that don't exist mainly for the pursuit of profit. Instance include: ?charities ?clubs and ass
Suppose that the annual rate of interest is 4%. (a) What is the monthly rate? (b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease
Explain the term - Providing a service One way of viewing accounting is as a form of service. Accountants provide economic information to their 'clients', who are numerous user
Regulated Investment Company (RIC) - Commonly known as a MUTUAL FUND, this is a domestic corporation which acts as an investment agent for its shareholders by typically investing i
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