was overstated. b. the total expenses were understated. c. the net income was overstated. d. the owner’s equity was overstated. e. all of the above are true. 3) On the basis of the following data‚ what is the proper adjusting entry for June 30‚ the end of the fiscal year? • Supplies account balance before adjustment‚ $1 900 • Supplies physical inventory on June 30‚ $750 a. Debit Supplies $750; credit Supplies Expense $750. b. Debit Supplies Expense $750; credit Supplies $750.
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Maintain Order at Their Expense There are a vast number of different cultures in our world‚ but one thing stays the same among them all: each culture defines a certain set of rules‚ or “norms.” Society shapes the way people who belong to a particular group or area live and interact. Those who act differently and violate these imposed set of rules ultimately deviate from this norm and are therefore shunned away. Because these people are condemned or looked down upon‚ they act as bad examples to
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Depreciation of production machines and buildings were Depreciation of administrative buildings were Depreciation of distribution cars were 20 000 10 000 5 000 Costs of marketing were 80 000 Interest costs related to loans received were 5 000 Tax expenses were 3 000 10 printing machines were produced in December. Six of those machines were sold (sales price of one printing machine was 60 000)‚ one of the printing machines was produced for own purposes – printing of marketing materials. This printing
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Case Report for Kota Fibres‚ Ltd. Group 7 BA 141 (WFY) 8/11/2010 Table of Contents Point of View .............................................................................................................................................. 1 Case Context ............................................................................................................................................... 1 Problem Definition ...................................................................
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J4 DEBIT CREDIT 200 Account: Common Stock DATE EXPLANATION 31-May-08 Balance REF. √ DEBIT CREDIT Account: Service Revenue DATE EXPLANATION 31-May-08 balance Adjusting REF. √ J4 DEBIT CREDIT Supplies Expense DATE
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Business Plan Introduction With the improvement of people’s living standard‚ more and more people want a pet to accompany with them outside their studying and working time. Therefore the number of people who have a dog is increased‚ and the needs of dog are raised significantly. The economy about pets is paid attention by people. Not only concerned about what they eat‚ but also about where they live and what kinds of cloth they wear. It becomes a potential marketing in our daily life. There
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TB - BS Peach Blossom Cologne Company Working Trial Balance - Balance Sheet 12/31/2009 Working Paper Reference Per Audit 12-31-08 Per Books 12-31-09 Per Audit 12-31-09 Adjustments Credit Debit Assets: 101 Cash-Big City National Bank 105 Accounts receivable 106 Allowance for bad debts 339‚415 124‚021 (10‚485) 420‚678 235‚380 B-1 (4‚800) B-1 109 Inventory 777‚152 600‚580 110 Investments - Trading Securities - - 111 Dividends Receivable 112 Interest Receivable 201 Investments - Held
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– Dec. | Bad Debts Expense Accounts receivable-Fell | 1‚400 | 1‚400 | | | | | 31 – Dec. | Bad Debts Expense (840‚000 – 30000)*1% Allowance for Doubtful accounts | 8‚100 | 8‚100 | | | | | 31 – Dec. | Bad Debts Expense Allowance for Doubtful Accounts (120‚000*10%)-2100 | 9‚900 | 9‚900 | | | | | 31 – Dec. | Bad Debts Expense (840‚000 – 30‚000*.75%) Allowance for Doubtful Accounts | 6‚075 | 6‚075 | | | | | 31 – Dec. | Bad Debts Expense Allowance for
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problems. Cash flow is the movement of money in and out of the company’s bank account during a financial period. While profits are determined by the income earned with the expenses incurred in earning that income‚ which reveals the profit is simply the result of income minus expenses. However‚ transactions of income and expenses take place not only on a cash basis but also on a credit basis. Accounting‚ therefore‚ has to be used to adjust the timing difference in recording transactions to reflect
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space down the street from its previous location. This has incurred much lager expenses each year then in than prior to 2004. 2.) Yes‚ the company’s income would increase. The new breakeven point in sales dollars would be approximately $6.03 million. 3.) Eliminating sales commission would have a huge effect on the breakeven volume. If they follow through with Gretchen’s idea of eliminating sales commission their expenses would decrease a great deal each year. They would not have to make nearly as
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