The following information is available for two different types of businesses for the 2018 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs Borrowed $34,000 from the bank to start the business. Provided $44,000 of services to clients and collected $44,000 cash. Paid salary expense of $28,200. Data for Sports Clothing Borrowed $34,000 from the bank to start the business. Purchased $33,000 inventory for cash. Inventory costing $27,700 was sold for $50,000 cash. Paid $4,000 cash for operating expenses. Required Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
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Business, 21.06.2019 20:30
Which of the following government agencies is responsible for managing the money supply in the united states? a. the u.s. mint b. the federal reserve bank c. congress d. the department of the treasury 2b2t
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Business, 22.06.2019 12:10
Laws corporation is considering the purchase of a machine costing $16,000. estimated cash savings from using the new machine are $4,120 per year. the machine will have no salvage value at the end of its useful life of six years and the required rate of return for laws corporation is 12%. the machine's internal rate of return is closest to (ignore income taxes) (a) 12% (b) 14% (c) 16% (d) 18%
Answers: 1
Business, 22.06.2019 16:00
Three pounds of material a are required for each unit produced. the company has a policy of maintaining a stock of material a on hand at the end of each quarter equal to 30% of the next quarter's production needs for material a. a total of 35,000 pounds of material a are on hand to start the year. budgeted purchases of material a for the second quarter would be:
Answers: 1
The following information is available for two different types of businesses for the 2018 accounting...
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