financial accountingBBUS 2210 CHAPTER 3 JOURNAL ENTRIES AND ADJUSTING JOURNAL ENTRIES EXTRA PROBLEMS DAILY JOURNAL ENTRIES Model trains for sale to toy stores are produced by Whistle Stop Incorporated‚ a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent fiscal year‚ November 30‚ 2011‚ the accounting records reflected total assets of $500
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Week 2: Topic 1: Financial Accounting Theory & the Reporting Environment GHTHH Chapter 2 5. Researchers who develop positive theories and researchers who develop normative theories often do not share the same views about the roles of their respective approaches to theory construction. (a) How do positive and normative theories differ? (b) Can positive theories assist normative theories‚ or vice versa? If yes‚ give an example. If not‚ why not? Normative accounting research makes policy recommendations
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supplier. e. Company X bought $ 5000 inventories by cash. 3. Flora Accounting Services completed these transactions in February: a. Purchased office supplies on account‚ $300. b. Completed work for a client on credit‚ $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1‚000 from a client for accounting services to be performed in March. Prepare journal entries to
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E1-3. The Long Run Golf & Country Club details the following accounts in its financial statements. Accounts payable and accrued liabilities a) liability (L) b) operating activity (O) Accounts receivable a) asset (A) b) operating activity (O) Property‚ plant‚ and equipment a) asset (A) b) investing activity (I) Food and beverage operations revenue a) revenue (R) b) operating activity (O) Golf course operations revenue a) revenue (R) b) operating
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and the Effects in Yesterday’s‚ Today’s and Tomorrow’s Society Racism‚ especially over the past few years‚ has become something that is being expressed in more subtle and understated ways than ever before‚ and this may be because of the fact that today‚ more and more ’whites’ are disowning the concepts of racism‚ and are at the same time proclaiming that theirs is an ’egalitarian’ society‚ where all men are born equal. Racism and its impact have been felt all over the world and the innate struggles
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E14-4 (Entries for Bond Transactions—Straight-Line) Foreman Company issued $800‚000 of 10%‚ 20-year bonds on January 1‚ 2011‚ at 102. Interest is payable semiannually on July 1 and January 1. Foreman Company uses the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the related amortization on July 1‚ 2011. c. The accrual of interest and the related
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How does the environment a bridge is in effect how the bridge will withstand‚ even with the different pressures it faces everyday? Which environment is the best and safest place for a certain bridge? The answers to these questions involves researching different topics such as bridge types and different structures. It is important to research about different environments so the environment is simulated correctly. Environments would include a mountainous/rocky terrain‚ grasslands‚ ocean/river‚
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successful to date? What appears to be its strategy? What must be accomplished if it is to be a highly successful going concern in the long run? How risky is its current competitive position? 2. Does Netscape need to go public to satisfy its capital needs? What would you estimate might be the magnitude of its capital needs over the next 3 to 5 years? What sources other than the public equity market could be tapped to satisfy those needs? 3. Why in general do companies go public? What are the advantages
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Accountancy Department College of Business and Accountancy Notre Dame University Cotabato City‚ Philippines CPA – MOCK BOARD EXAMINATION AUDITING PROBLEMS MR. RONALD GERMO MAMARIL INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the sheet provided. STRICLY NO ERASURES ALLOWED. Use pencil no. 1 only. CASE 1: STOCK INVESTMENT IN SAN
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The business environment is becoming increasingly competitive. Information technology is now providing business entities with basic as well as progressive business tools that will enable them to improve their financial performance‚ efficiency‚ and its use of the organisation central operational resource and staff members. Adoption of computerised system is vital to the businesses entities that want to improve their efficiency and performance by using computerised systems to facilitate their day-to-day
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