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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.
At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
Explain What do you recognized by Open Item Managed Account? Ans) Open item management make sure that all items that have not yet been cleared are available in the system. Only
An asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss assets as per the guidelines issued by RBI. An
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Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Calculate WACC and Rate of Return Capital Structure: 50% debt and 50% equity financing Current cost of debt is 2% above prime (Prime is currently 2.5%) cost of equity is e
Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic
Discuss and give reasons why a business would act in a socially responsible manner. Part A: 'Two of the key accounting reports available to users of accounting informati
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