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Showing posts from October, 2013
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1 mike invested $15000 cash & a used truck worth $13500 in exchange for company stock 3 paid $4700 cash to purchase office equipment 7 purchased $860 of supplies on account 12 performed services for cash customer & received $850 15 paid salaries of $675 to office assistant 16 sold the company truck for $13500 18 signed a note payable for $31000 to purchase a new truck 21 performed $3200 of services on account for a hotel chain 27 paid $500 of the amount owed from the 5/7 supply purchase 30 received $2000 on account from credit customer 31 received utility bill for the month of may $480 (bill isn't due until the 15th of June) 31 paid $1000 dividends to the shareholder, XXXXX XXXXXson June 1 paid receptionist salary $675 2 paid cash to acquire land for a future office site $15,000 3 moved into a new location & paid 1st month's rent $1800 for the business 4 performed service for a customer & received $1700 cash 5 received $500 on account 8 purcha
COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS Susquehanna Equipment Rentals 5 to 6 hours A mini-practice set illustrating the complete accounting cycle for a service-type business. Includes computation of income taxes expense (as a percentage of income before taxes) and an evaluation of solvency. Can be done as a group assignment. Strong Jan Williams, Sue Haka, Mark Bettner and Joseph Carcello Financial and managerial accounting 16th edition the problem is on page 241 , comprehensive problem 1 AFTER PAYMENT ENTER PASSWORD : "SHIV" TO UNLOCK THE SOLUTION
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1. Which of the following statements is incorrect? A. The idea of “one-man leadership” is a contradiction in terms B. Leadership is a social influence process shared among all members of a group C. Followers are part of the leadership process D. Leadership is restricted to the influence exerted by someone in a particular role 2. Among the following, ideal followers are more likely to be perceived as A. Independent B. Forward-looking C. Inspiring D. Innovative 3. Which of the following statements about “common sense” is false? A. Effective leadership must be something more than just common sense B. What seems obvious after you know the results and what you would have predicted beforehand are not the same thing C. One of the challenges of understanding leadership is to know when common sense applies and when it does not D. The term “common sense” implies practical knowledge about life that most people have not yet acquired 4. Which
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Need to do a multi step income statement here is the information normal balances on all accounts are : SALES $1,678,500 ;SALES discounts $31,150; Common Stock $1,300,000; SALES Salaries $61,110; Depreciation Expense, Office Furniture $7250; Equipment $880,360; Travel expense-Sales personnel $28,930; Freight-out(Delivery Costs) $21,400; Depreciation expense, Sales equipment $4,980; Retained Earnings, July 1, 2012 $2,450,000; Utilities Expense-Office Building $9,130; Wage Expense-Office Employees $136,700; Interest Expense $18,990; Miscellaneous Office Expense $6,000; Dividend Revenue $38,000; Allowance for doubtful Accounts $45,000; Cost of Goods Sold $1,043,845. There is also additional information given 1)The corporation experienced a $90,600 uninsured loss as a result of a hurricane during the year. Assume hurricanes are both unusual and infrequent. 2) Inmarch, 2013, the corporation discontinued the operations of its publishing division (a major component of its business). During th
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1) In what situations will a static budget be most effective in evaluating a manager's effectiveness? A. The planned activity levels match actual activity levels. B. The company has no fixed costs. C. The company has substantial variable costs. D. The company has substantial fixed costs. 2) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March? A. $750 B. $4,500 C. $8,250 D. $5,250 3) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A. $75,000 B. $60,000 C. $90,000 D. $150,000 4) The income statement and balance