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Required: Record the following transaction on the spreadsheet, total each columna. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011.b. On Feb. 5 purchased $5000 of Inventory on credit.c. Sold Inventory which cost $4000 for $7000 on Feb. 18.d. On March 1 paid rent for 1 year totaling $6000.e. On March 20 paid for the Inventory purchased in transaction (b).f. On April 7 received $7000 for services not yet performed.g. Paid salaries in the amount of $800 on April 26.h. On May 18 paid the utility bill of $500.i. On June 30, paid note plus 2% interest, this was a 6 month note.j. On July 8 received $5000 cash from customers who had purchased goods on credit.k. On August 24 purchased 50 shares of treasury stock for $500.l. Declared and paid a .20 per share dividend for common stock on September 30 at which time 21000 were issued and 250 shares were treasury.m. On Oct. 31 wrote off $75 of Accounts Receivable.The following information is needed for transactions that are made at year end, December 31, 2011:n. The building which cost $35,000, had a salvage value of $5000 and a life of 15 years, the company uses straight line depreciation.o. By year end all but $1000 in Unearned Revenue had been earned.p. Prepaid Rent must be adjusted.q. Management determined that the Allowance for Bad Debt account should have a $125 balance.
Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr
Other than the Parsimonious forecasting approach, what other financial forecasting approaches are there? Other than the Parsimonious forecasting approach, there are a number of oth
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
Unlike a rigid commitment providing where a price is set and a fixed monetary amount is predictable, the underwriter makes its best efforts to sell as many shares as likely at the
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
The CPSdata to re-estimate the difference among average male and female pay. Use for example, the regression LS LNWAGE C FE a. Can you avoid the hypothesis that mean female
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company believe
1. Carmen Santiago works for a number of businesses as a "consultant." She has helped design accounting systems, provided accounting services, and analyzed the financial stre
how can i determine the total debt of a commercial bank? Which financial statement do i need to look?
Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod
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