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The Accounting Cycle

Net Income, Equity, Journal Entries

Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital contributions of $174,000, $124,286, and $198,857, respectively. They predict annual partnership net income of $245,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial cap

Critical Analysis of Journal Article - Barriers to Organisational Learning

Analyse the attached journal article with regard to the impediments to organisational learning. Evaluate the findings of the article with respect to psychological, cultural, structural, and leadership barriers to learning. What influence do such barriers have on the organisation and its learning and performance?

Present Value and Journal Note

Hello, Problem: Xtech Inc issued a promissory note to Jay Entp in the amount of of $400,000 on January 1, 2007, the due date is December 31, 2011. The note has a stated rate of 4%. Interest is due each year on December 31. The current yield rate of interest is 8%. A) What is the present value? B) What entry would Jay

Production cost flow and measurement: journal entries

Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $

Cash and receivables journal entries

Please help me prepare journal entries for the below scenarios, showing how you came up with your numbers. Thank you. QUESTION ONE: Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,

Arantxa Corporation stock transactions

Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On Aug 1, 2012 Arantxa reacquired 200 shares at $80 per share. on Nov 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transaction. Prepare Arantxa's journal entries to record these transaction using the cos

Preparing Journal Entries: Notre Dame University

Please prepare the journal entries for the following transactions for Notre Dame University (private non-profit.) 1. Received unrestriced cash gifts of $300,000. 2. Received a gift of $40,000 with a restriction to use it solely for the purchase of lab equipment. 3. Purchased lab equipment (from #

Accounting cycle

What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?

Meredith Company: Preparation of Journal of Transactions

On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company i

Qix Corporation issued bonds: Prepare journal entries

On Jan. 1, 2009, Qix Corp. issued $477,000 of 7% bonds, due in 10 years. The bonds were issued for $444,589, and pay interest each July 1 and Jan 1. Qix uses the effective interest method. Prepare the company's journal entries for (a) the Jan 1 issuance, (b) the July 1 interest payment, and (c) the Dec 31 adjusting

The steps in the accounting cycle for a merchandising company are different from the accounting cycle for a service company. Discuss whether or not you agree or disagree. 2. Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.

1. The steps in the accounting cycle for a merchandising company are different from the accounting cycle for a service company. Discuss whether or not you agree or disagree. 2. Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.

Prepare Journal Entries for Factoring Accounts Receivable

4. The BBB corporation has experienced cash flows problems and decides to improve its current cash position by factoring 30% of its receivables (sales without recourse) and assigning the remainder with the same finance company. The agreement, dated Oct 1, 2011, stipulates that a 10% commission will be assessed on factored accoun

Journal Entries for the Village of Harris: Capital Projects

Problem 5-7: The Village of Harris issued $5,000,000 in 6 percent general obligation, taxsupported bonds on July 1, 2011, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal paymen

Research a Scholarly Empirical Journal Review

Select a scholarly empirical journal article* in Business and craft a response that adheres to the following: - Paragraph 1: Provide a quick overview of the study. - Paragraph 2: Analyze the way the research study was completed from an ethical standpoint. - Paragraph 3: Assess if it was done well or not Since you are do

Computing and Journalizing Payroll Transactions

Benny Hill had earned (accumulated) salary of $96,000 through November 30. Her December salary amounted to $9,000. Pam Lane began employment on December 1 and will be paid her first month's salary of $3,500 on December 31. Income tax withholding for December for each employee is as follows: Kim Benny Pam Lane Federal Incom

General Journal - Preparation of the Statement of Cash Flows

Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If no entry is required enter "No Entry" for the account and 0 for the amount.) (a) Net income is $31

Notes Payable, Wages Payable and Journal Entries for State Mill Company

Can you help me get started on this assignment? Notes Payable and Wages Payable P2. Part A: State Mill Company, whose fiscal year ends December 31, completed the following transaction involving notes payable: 2010 Nov. 25 purchased a new loading cart by issuing a 60-day 10 percent note for $86,400. Dec 31 made the en