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Argon Dry Cleaners is owned and operated by Kerry Ulman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on July 1, 2008, are as follows: Cash, $8,500; Accounts […]

After the accounts closed on September 10, 2008, prior to liquidating the partnership, the capital accounts of Mark Nichols, Donna Newby, and Janice Patel are $32,200, $5,400, and $28,400, respectively. Cash and noncash assets total $4,300 and $73,700, respectively. Amounts owed to creditors total $12,000. The partners share income and losses in the ratio of […]

After the accounts are closed on July 3, 2008, prior After the accounts are closed on July 3, 2008, prior to liquidating the partnership, the capital accounts of Ann Daniels, Harold Burton, and Carla Ramariz are $27,000, $4,500, and $32,000, respectively. Cash and noncash assets total $9,500 and $84,000, respectively. Amounts owed to creditors total […]

After Sierra Assay Services Inc. Services Inc. had completed all postings for July in the current year (2010), the sum of the balances in the following accounts payable ledger did not agree with the $36,950 balance of the controlling account in the general ledger After Sierra Assay Services Inc.   Assuming that the controlling account […]

After its second year of operations, the following amounts were taken from the accounting records of Rainbow Consulting Services, Inc., as of July 31, 2008. Rainbow Consulting Services began its operations on August 1, 2006. Capital stock ………………………………$ 40,000 Cash ………………………………………. ? Dividends ………………………………… 40,000 Fees earned ……………………………….. 578,000 Interest expense …………………………… 12,000 Land ………………………………………. […]

Upon graduation from MegaState University mate decide to start your respective careers in accounting and salmon fishing in Remote, Alaska. Your career as a CPA in Remote is going well, as is your roommate’s job as a commercial fisherman. After one year in Remote, he approaches you with a business opportunity. As we are well […]

Users of Accounting Information Users of Accounting Information and Their Needs Listed below are a number of the important users of accounting information. Following the list are descriptions of a major need of each of these various users. Fill in each blank with the one user group that is most likely to have the need […]

Users of Accounting Information and Their Needs Listed below are number of the important users of accounting information. Following the list are descriptions of a major need of each of these various users. Fill in each blank with the one user group that is most likely to have the need described. Company management Banker Stockholder […]

Using the accounting equation to analyze transactions Requirement 1. Indicate the effects of the following business transactions on the accounting equation of a Viviani Video store. Transaction (a) is answered as a guide. a. Received cash of $8,000 and issued common stock. Answer: Increase asset (Cash) Using the accounting Increase stockholders’ equity (Common stock) b. […]

On August 1, 2011, Dr. Dana Hendley established Med, a a medical practice organized as a professional corporation. The following conversation occurred the following February between Dr. Hendley and a former medical school classmate, Dr. Elyse Monti, at an American Medical Association convention in New York City. Dr. Monti: Dana, good to see you again. […]