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KAM Computer Timeshare Company entered into the following transactions durnig May 2014Decribe the effects of each transaction on assets, liabilities, and owner's equity.1. Purchased computer terminals for $20,000 from Digital Equipment on account2. Paid $4,000 cash for May rent on storage space3. Received $17,000 cash from customers for contracts billed in April4. Performed computer services to Viking Construction Company for $3,0005. Paid Tri-States Power Co. $11,000 cash for energy usage in May6. Kam invested in an additional $29,000 in the business7. Paid Digital Equipment for the terminal purchase in (1) above8. Incurred advertising expense for May of $1,200 on account.
Conditions of a will A written will is not valid unless it fulfills the following conditions. 1) The testator must sign the will; or he must affix his mark to the will (i.e. a
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Who are the users of accounting information? For accounting information to be useful, accountant should be clear for whom the information is being prepared and for what purpose
At current the working capital cycle is Receivables days $0.4m/$10m * 365 = 15 days Inventory days $0.7m/$8m * 365 = 32 days (cost of sales = $10m - $2m) Payables days $1.
what is the formulae for calculating Net income?
Calculate the DuPont Model, given the following information: cash=$16,080; accounts receivable= $9,500; prepaid = $3,150; supplies =$675; equipment =$25,200; accumulated depreciati
“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. Illustrate Management of commercial and political risk? Commercial risk comprises both the physical risk that goods in transit may be lost stolen or destroyed as well as the
The appropriate treatment of Cash flow in respect of the following items as per US GAAP & FASB - (230-10) 1. Receipt of Insurance settlement proceeds of $2 mill. From an intern
what is the definition?
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