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On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation earned $30,000 in cash revenue and paid $20,000 in cash expenses, not as well as income tax. The income tax rate was 30%, and the company's income tax expense was $3,000. The company declared and paid cash dividends totalling $2,000. Using the above information, arrange an income statement and a balance sheet for the Parsons Corporation.
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
#quesDance fans switch away from dance music to R&B music AND the price of MP3 players decreases. tion..
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th
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Q. Learning objectives of inventory turnover ratio? - Net income for an accounting period depends straight on the valuation of ending inventory. - If the ending inventory is
Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo
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Flying High Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will ha
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