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Q. Effects of failing to prepare adjusting entries?
Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the effect of failing to record each of the major types of adjusting entries on net income and balance sheet items.
Using Micro Train Company as an instance this section has discussed and illustrated many of the typical entries that companies must make at the end of an accounting period. Afterwards chapters explain other examples of adjusting entries.
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
Q. What are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts
basic methods for calculating depreciation
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At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
How can I capitalize my patents? My company has applying for a patent and I want to capitalize the research and development expenditures. I know it will cost some legal charges and
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
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