Example: Sold clothing on account to Briarfield School for Girls for $3,500. The clothing cost $2,000. />Why does “sold clothing on account” mean we debit account receivable? What does “on account” mean and how do we know if it is account receivable or account payable? Looking for a Similar Assignment? Order now and Get […]
Jane files a tax return as a single taxpayer. She had the following items in 2018: Salary of $85,000 Interest income of $3,000 Loss of $75,000 on the sale of Section 1244 acquired 2 years ago What should be Jane’s AGI for 2018? a) $88,000 b) $10,000 c) $82,000 d) $38,000 Looking for a […]
I’m working on adjusting entries for the quick tax corporation case study. I need to record the following adjusting entries: a) one month insurance has expired (Ledger transaction says prepaid insurance is 3600) b) remaining inventory of supplies is 300 (Ledger transaction says it’s 700) c)estimated depreciation on equipment is 125 (Ledger transaction says accumulated […]
Pharoah Corp. has issued 17,500 units. Each unit consists of a $875 par, 12% subordinated debenture and 18 shares of $9 par common stock. The units were sold to outside investors for cash at $1,540 per unit. Prior to this sale, the 2-week ask price of common stock was $70 per share. Twelve percent is a reasonable market yield for the debentures, and therefore […]
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