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    blakopulence's Avatar
    blakopulence Posts: 2, Reputation: 1
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    #1

    Oct 16, 2009, 06:54 PM
    Transaction analysis
    Enter amounts indicating whether it is an addition (+) or a subtraction (-).
    Trans./Adj. Crt. Asset Current Liability Long T. Deb Net Income

    A. Wages of $768 accrued at the end of the prior fiscal period were paid this fiscal period.

    B. Real estate taxes of $2,400 applicable to the current period have not been accrued.

    C. Interest on bonds payable has not been accrued for the current month. The company has outstanding $360,000 of 7.5% bonds.

    D. The premium related to the bonds in part c has not been amortized for the current month. The current month amortization is $70.

    E. Based on past experience with its warranty program, it is estimated that warranty expense for the current period should be 0.2% of sales of $918,000.

    F. Analysis of the company’s income taxes indicates that taxes currently payable are $76,000 and that the deferred tax liability should be increased by $21,000.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Oct 16, 2009, 09:59 PM

    Please read the guidelines for posting homework problems:
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