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Bob has 2,000,000 of shoes in stock that cost $12 per pair. You are also able to determine the following amounts:
NRV= $11.25 Replacement cost= $11.10 NRV minus normal profit margin= $10.85 Calculate the value of the inventory under both IFRS and US GAAP.
A company purchased $150,000 worth of production equipment on April 1. Management decided to depreciate the equipment over four years using straight line depreciation. The salvage value is $30,000. The company uses a calendar year as its fiscal ye..
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2010 when compared with 2009. Round to one decimal place.
Prepare store ledger card under FIFO method by using perpetual inventory system.
Describe two methods for treating the preacquisition revenue and expense items of a subsidiary purchased during a fiscal period.
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
Prepare journal entries to record Tasha's income tax expense for the current year. Show well-labeled supporting computations for the income tax payable, the valuation allowance, and the change in the deferred tax asset account.
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable an..
Bailey, Root, and Wylie, LLP, a law firm, is considering the replacement of its old accounting system with new software that should save $6,000 per year in net cash operating costs.
The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.
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