EXERCISE 1: CL Accounts payable CA Accounts receivable PPE Accumulated depreciation – Equipment PPE Buildings CA Cash CL Interest payable IA Goodwill CL Income taxes payable CA Inventory LTI Investments PPE Land LTL Mortgage payable CA Supplies PPE Equipment CA Prepaid rent EXERCISE 2: Account Debit or Credit Financial Statement Accounts Payable Credit Balance Sheet Accounts Receivable Debit Balance Sheet Common Stock Credit Balance Sheet Depreciation Expense Debit Income Statement
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1. When comparing the composition of world trade in the early 20th century to the early 21st century‚ we find major compositional changes. These include a relative decline in trade in agricultural and primary-products (including raw materials). How would you explain this in terms of broad historical developments during this period? The typical composition of world production during this period experienced major changes. Focusing on today’s major industrial countries the industrial-employment composition
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The process of identifying the research problem involves the following steps. Management decision problem. A Management Decision Problem is whereby when a situation arises‚ and management of a company needs to make a decision which requires. It relates with a problem that is faced by the management or decision maker. It asks what the decision maker needs to do. The management decision problem is action oriented. It is concerned with the possible actions the decision maker can take. When the work
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Assignment 1—Due Wednesday 28rd September‚ 2012 Please Note: There are three (3) questions in this assignment. Question 1: Plagiarism and referencing Although this question is not awarded marks‚ students MUST complete this entire question to get any marks for assignment 1. An understanding of plagiarism and “in text” referencing is essential to success in tertiary studies. Background information for Question 1 In an academic setting it is important to acknowledge the ideas of others that you
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Chapter 19: Accounting for Income Taxes Fundamentals of Accounting for Income Taxes * Intro * Pretax Financial Income- income before taxes‚ income for financial reporting purposes‚ income for BOOK purposes * Determine according to GAAP * Taxable Income- amount used to compute income taxes payable * Determine using Internal Revenue Code (tax code) * Differences arise for a simple reason‚ for financial reporting purposes companies use the full accrual
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ACC 301 Review Sheet Exam #1 – Spring 2012 Problem #1 Gerdes Psychological Services‚ Inc.‚ closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report. GERDES PSYCHOLOGICAL SERVICES‚ INC. Income Statement For the Year Ended December 31‚ 2007 Revenue: Counseling revenue……………………………. | | $225‚000 | Expenses: | | | Advertising expense…………………………... | $ 1‚800 | | Salaries expense………………………………
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Missing Information in a Bank Reconciliation Survey of Accounting May 28‚ 2012 Missing information in bank reconciliation‚ the following data applies to Superior Auto Supply Inc‚ for May 2012. 1. Balance per the bank on May 31‚ $8‚000 2. Deposits in transit not recorded by the bank‚ $975 3. Bank error; check written by Allen Auto Supply was charged to Superior Auto Supply’s 4. The following check written an recorded by Superior Auto Supply
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Reporter | | Out of 15 questions‚ you answered 2 correctly with a final grade of 13% | | | | | | 2 correct (13%) | | | | 12 incorrect (80%) | | | | 1 unanswered (7%) | | | Your Results: | The correct answer for each question is indicated by a . | ------------------------------------------------- Top of Form | 1 INCORRECT | | Which of the following organizations would be least likely to have a company objective involving the maximization of shareholder value? | | | A)
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EC370‚ Midterm I‚ Practice Questions 1. If she spends all of her income on uglifruits and breadfruits‚ Maria can just afford 11 uglifruits and 4 breadfruits per day. She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per day. The price of uglifruits is 6 pesos each. How much is Maria’s income per day? a. 115 pesos b. 105 pesos c. 114 pesos d. 119 pesos 2. Bella’s budget line for x and y depends on all of the following except a. the amount of money she has
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overhead was $2‚200‚000 and actual direct labor hours worked were 422‚000. (a) Calculate the predetermined overhead rate. (b) Calculate the overhead applied. (c) Determine the amount of overhead that is over/underapplied. | | | Student Answer: | | a) Calculate the predetermined overhead rate. 2250000/415000 = 5.4217 per hour (b) Calculate the overhead applied. 422000 x 5.4217 = 2287952 (c) Determine the amount of overhead that is over/under applied. 2287952-2200000 = 87952 over applied
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