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On July 31, 2013, the payroll register of Reed Wholesale Company showed the following totals for the month: gross earnings, $38,600; social security tax, $2,393.20; Medicare tax, $559.70; income tax,...
View ArticleThe payroll register of Total Garden Care showed total employee earnings of...
The payroll register of Total Garden Care showed total employee earnings of $3,500 for the payroll period ended July 14, 2013. 1.Compute the employer’s payroll taxes for the period. Use rates of 6.2...
View ArticleThe following information relates to Ponte Manufacturing Company’s workers’...
The following information relates to Ponte Manufacturing Company’s workers’ compensation insurance premiums for 2013. On January 15, 2013, the company estimated its premium for workers’ compensation...
View ArticleThe following information relates to Ponte Manufacturing Company’s workers’...
The following information relates to Ponte Manufacturing Company’s workers’ compensation insurance premiums for 2013. On January 15, 2013, the company estimated its premium for workers’ compensation...
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Valdez Equipment Repair Service is owned by Francisco Valdez. Cash$33,300 Equipment$77,000 Supplies 5,380 Accounts Payable 23,000 Accounts Receivable 12,200 Use the above...
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The following equation shows the transactions of West Cleaning Service during May. The business is owned by Carol West. Assets=Liab.+Owner's Equity Cash+Accts. Rec.+Supp.+Equip.=Accts. Pay.+C....
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Roney Company’s calendar-year 2011 income statement shows the following: Net...
Roney Company’s calendar-year 2011 income statement shows the following: Net Income, $408,000; Depreciation Expense, $50,592; Amortization Expense, $10,200; Gain on Sale of Plant Assets, $4,500. An...
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Exercise 12-8 Cash flows from investing activities L.O. P3 a. Sold land...
Exercise 12-8 Cash flows from investing activities L.O. P3a.Sold land costing $330,000 for $430,000 cash, yielding a gain of $15,000.b.Paid $100,000 cash for a new truck.c.Equipment with a book value...
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Exercise 12-9 Cash flows from financing activities L.O. P3 a. Net income was...
Exercise 12-9 Cash flows from financing activities L.O. P3a.Net income was $470,000.b.Issued common stock for $74,000 cash.c.Paid cash dividend of $15,000.d.Paid $125,000 cash to settle a note payable...
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Exercise 12-10 Preparation of statement of cash flows (indirect) L.O. P1 [The...
(2) Compute the company's cash flow on total assets ratio for its fiscal year 2011.
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Galley Corp., a merchandiser, recently completed its 2011 operations. For the...
Galley Corp., a merchandiser, recently completed its 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all...
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A company reported average total assets of $245,000 in 2010 and $286,000 in...
A company reported average total assets of $245,000 in 2010 and $286,000 in 2011. Its net operating cash flow in 2010 was $17,000 and $31,250 in 2011. Calculate its cash flow on total assets ratio...
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Rasheed Company reports net income of $540,000 for the year ended December...
Rasheed Company reports net income of $540,000 for the year ended December 31, 2011. It also reports $97,200 depreciation expense and a $11,000 gain on the sale of machinery. Its comparative balance...
View ArticleExercise 4-3: Preparing closing entries and a post-closing trial balance L.O....
Exercise 4-3: Preparing closing entries and a post-closing trial balance L.O. C1, P2, P3The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2008,...
View ArticleExercise 3-2: Preparing adjusting entries L.O. P1 Prepare adjusting journal...
Exercise 3-2: Preparing adjusting entries L.O. P1Prepare adjusting journal entries for the year ended (date of) December 31, 2008, for each of these separate situations. Assume that prepaid expenses...
View ArticleExercise 2-4: Preparing general journal entries L.O. A1, P1 Prepare general...
Exercise 2-4: Preparing general journal entries L.O. A1, P1Prepare general journal entries for the following transactions of a new business called Pose-for-Pics. (Omit the "$" sign in your...
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Exercise 3-9: Computing and interpreting profit margin L.O. A2 Requirement 1:...
Exercise 3-9: Computing and interpreting profit margin L.O. A2Requirement 1:Use the following information to compute profit margin for each separate company a through e. (Round your answer to 1 decimal...
View ArticleExercise 2-13: Computing net income L.O. A1, P3 A proprietorship had the...
Exercise 2-13: Computing net income L.O. A1, P3A proprietorship had the following assets and liabilities at the beginning and end of a recent year. Assets Liabilities Beginning of the year $ 96,500...
View ArticleExercise 1-15: Preparing a balance sheet L.O P1 On October 1, Keisha King...
Exercise 1-15: Preparing a balance sheet L.O P1On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company's records show the following items and amounts. Use...
View ArticleOn January 1, 2009, Buchheit Enterprises reported $95,000 in a liability...
On January 1, 2009, Buchheit Enterprises reported $95,000 in a liability called “Bonds Payable, Net.” This liability related to a $100,000 bond with a stated interest rate of 5 percent that was issued...
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