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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.
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Whats the use of accounting in our everyday life?
How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n
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