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You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.
Explain why adjusting entries are necessary.
Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each.
Describe how these entries would be recorded in a computerized accounting system.
Describe 1 ethical issue that could result from the preparation of these manufacturing entries."
Needs to be 3-4 pgs.
Calculate the annual lease payments. (Remember, these payments are to be considered at the begining of each year - annuity due.
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
The IRS assesses the portion of the estate tax related to this gift that Sabrina previously received against Sabrina under the rules relating to transferee liability. Is Sabrina liable for the estate tax?
Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm.
Which of the following will require a credit to Fund Balance of a governmental fund when closing entries are prepared?
The machine will have a 12-year useful life and no salvage value. Instructions (a) Calculate the cash payback period. (b) Calculate the machine's internal rate of return. (c) Calculate the machine's net present value using a discount rate of 10%.
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
The Malbim Company uses a process costing system and adds materials at the beginning. July 1st has 400 units in the beginning inventory (100% materials). The units in beginning inventory (July 1) are only 75% complete on conversion costs-Calculate..
On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl Corporation, at a $15,000 gain. The land is still held by Sahl on December 31, 2003. What is the effect of the intercompany sale of land on consolidated net income?
The following information is given for Alpha and Beta Divisions of Fraternity Corporation. If Fraternity Corporation uses ROI to evaluate division managers, and uses historical cost as the investment base, compute the ROI for Alpha and Beta.
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese.
What is a balanced scorecard? How can it help you manage a company? Are there any advantages to using one?
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