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A lawn care company started business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012. By December 31, the company had received $84,000 cash from customers, with the $21,000 balance expected to be collected in 2013. During 2012, the company paid $68,000 cash for various expenses. At December 31, the company still owed $41,000 for additional expenses incurred that have not yet been paid in cash. These expenses will be paid during January 2013. How much income (or loss) should the company report for 2012? Note: The company computes income using cash-basis accounting.
Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com
On January 1, 2014, Offshore Corporation erected a drilling platform at a cost of $5,420,142. Offshore is legally required to dismantle and remove the platform at the end of its 6
Rogers Communication is considering whether to take advantage of historically low Canadian interest rates and lower its cost of debt by refunding its old bonds. Rogers has a $50mil
TERMINATION OF APPOINTMENTS A trustee may cease to hold office in the following ways: (a) Disclaimer : At any time before acceptance of the trusts. (b) Retirement : Eith
On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transact
Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,000 Paid-in capital in excess o stated value-common stock ....1,240,000 Reta
How is a company’s cost of capital affected by its tax rate?
La Favorite Pastry Shop has been in business since 1985 and started with a large commercial oven that was built in 1955. Max, the owner is debating whether or not to purchase a new
How do I treat with Expenses Outstanding, for example, Marketing Expenses outstanding at year end is $1250. How do I adjust?. It is a note under the trial balance.
Dividends out of the capital profits Dividends out of the capital profits are apportioned on the same basis as dividends out of income (Re. Doughty). (a) Variation of sec
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