Entries by mary WAMBUGU

Alpha Company records all sales at the register with amounts that include 8% sales tax. During November 2016, total sales at the register were recorded as $706,320

September 6, 2019 in /by

Alpha Company records all sales at the register with amounts that include 8% sales tax. During November 2016, total sales at the register were recorded as $706,320. Use this information to determine what amount of sales tax liability that Alpha Company should record for an end of the month adjusting entry.   Looking for a Similar […]

 

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On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signed a Note Payable due in one year for $25,440.

September 6, 2019 in /by

On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signed a Note Payable due in one year for $25,440. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of […]

 

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Acquire, Inc. (client), an S Corp, is seeking to acquire Target, LLC (taxed as a C Corporation). Target has 3 shareholders with two of them holding 20% each and one holding 60% of its total shares

September 6, 2019 in /by

Acquire, Inc. (client), an S Corp, is seeking to acquire Target, LLC (taxed as a C Corporation). Target has 3 shareholders with two of them holding 20% each and one holding 60% of its total shares (1,000 shares total between all 3 shareholders). Only one of Target’s shareholders is a non US citizen.  The market value of each […]

 

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Larkins, Inc. leases equipment from Bostic for $30,000 per year for three years. The contract is signed on January 1, Year One and the first payment is made immediately.

September 6, 2019 in /by

Larkins, Inc. leases equipment from Bostic for $30,000 per year for three years. The contract is signed on January 1, Year One and the first payment is made immediately. The second payment will be made on January 1, Year Two. Larkins has an incremental borrowing rate of 10 percent and the present value of a […]

 

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