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Final Guides

ACC 537

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Attached are the T-Account, Income statement, and balance sheet.   Requirements 1. Prepare the statement of cash flows of Percy Electric Company for the year ended December 31, 2016, using the direct method to report operating activities. Also prepare the accompanying schedule of..
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E2-39   Barbara Miracle, Certified Public Accountant, operates as a professional corporation (PC). The business completed these transactions during the first part of August 2016:  Aug 2 Received $10,000 cash from Miracle, and issued common stock to her.  2 Paid mont..
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Calder Company’s inventory records for the most recent year contain the following data: Beginning inventory Quantity: 10,000 Beginning inventory Unit Cost: $12.00 Purchases during year Quantity: 30,000 Purchases during year Unit cost:$15.00 Calder Company sold a total of 38,00..
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LO 4 E5-22A. (Leaning Objective 4: Apply GAAP to uncollectible receivables) At December 31 ,2016,before any year-end adjustment, the accounts receivable balance of Turf Trimmers, Inc.., is $350,000. The Allowance for doubtful accounts has an $18,700 credit balance. Tuft trimmers prepares the foll..
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UOP Pizza bought a used Chevy delivery van on January 2, 2016 for $22,800. The van was expected to remain in service for four years (48,750 miles). At the end of its useful life, UOP officials estimated that the van's residual value would be $2,500. The van traveled 15,000 miles the first year, 1..
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Apollo Corporation issued $560,000 of 7%, 12-year bonds payable on March 31, 2016. The market interest rate at the date of issuance was 10%, and the Apollo Corporation bonds pay interest semiannually. Apollo Corporation's year-end is March 31. Calculate the issue price of the bonds using the ..
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