ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
14th Edition
ISBN: 9781119845102
Author: Weygandt
Publisher: WILEY
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The following is a partial listing of the accounts for Star Company for the year ended December 31, 2020, in alphabetical order. E (Click the icon to view the partial listing of accounts.) a(Click the icon to view the facts.) Required Requirement a. Prepare, in good form, a multi-step income statement that includes relevant subtotals, with operating expenses listed by their function, for the year ended December 31, 2020. (Use parentheses or a minus sign for numbers to be subtracted.) Star Company Income Statement For the year ended December 31, 2020 Sales 4.658.000 Gross profit Income before income taxes Income tax expense Income from continuing operations Loss from discontinued operations Net income Choose from any list or enter any number in the input fields and then click Check Answer.
Listed below are the current Accounting Assumptions and Principles                               Economic Entity Assumption   Monetary Unit Assumption   Historical Cost Principle           Going Concern Assumption   Revenue Recognition Principle   Full Disclosure Principle           Time Period Assumption   Matching Principle                                   Required:                   For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable.                                       a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021.                     Violation: (Yes/No)                 Applicable Assumption/Principle:                                     b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…
Emerson Real Estate Appralsal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash %24 4,200 Accounts Recelvable 5,500 Office Supplies 2,300 Prepaid Insurance 2,000 Building 73,000 Accumulated Depreciation-Bullding $ 25,300 Land 13,400 Accounts Payable 19,500 Interest Payable 8,500 Salaries Payable 1,600 Uneamed Revenue 4,300 Notes Payable (long-term) 35,000 Emerson, Capital 41,500 Emerson, Withdrawals 27,600 Service Revenue 48,200 Insurance Expense 4,400 Salaries Expense 32,600 Supplies Expense 700 Interest Expense 8,500 Utilities Expense 2,400 Depreciation Expense-Building 7.300 Total 183,900 $ 183,900 41.500
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