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On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability insurance policy for the next three years. The entire $36,000 was recorded as an expense by Scranton when the payment was made. When Scranton's fiscal; year ended on 12/31/05, no additional entries had been made regarding the insurance payment. Explain why Scranton's books are incorrect as of 12/31/05 and give the journal entry to correct Scranton's books at that date.
What is a limitation of the use of accounting information that is totally outside the entity's control? A changes in legal reporting requirements B changes in inventory valua
Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin
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
Which statements about marginal costing are correct? 1. The marginal cost of a product involves an allowance for fixed overheads. 2. The marginal cost of a product presents t
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
Explain about the Management accounting Management accounting has also changed by becoming more outward looking in its focus. In past, information provided to managers has bee
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Required: An implementation of a two player game. Keep the game simple ROCK PAPER SCOSSORS A two player game, each player on a different browser instance. (pro
Discuss the considerations that management should take into account in determining the design of an accounting system which will satisfy both (i) its own information requirements a
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