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For each of the following, calculate the cost of inventory reported on the balance sheet.
(a) The total merchandise on hand at the end of the year as determined by taking a physical inventory is $55,000. Of the $55,000, $7,000 is held on consignment.
(b) The total merchandise inventory counted at the end of the year was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms.
(c) The total merchandise inventory counted at the end of the year was $60,000. Purchases for $5,000 are in transit under FOB destination terms.
What if the balance sheet shows negative retained earnings? Where might you look to find out what caused that to happen? Would it be something that would concern you?
Calculate the amount of over- or under-applied overhead - what is the significance of this over- or under-applied amount of overhead?
Pay $420 per month for 9 months and an additional $11,500 at the end of 9 months. The dealer is charging 24 percent per annum. When you buy the car, pay cash equal to the present value of the payments in option (a). Determine how much cash the dealer..
investment losses need not impair the principal of not-for-profits endowment funds. in 2014 the rubin center for the
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During 2012, 500,000 tons were removed and 400,000 tons were sold. What is the amount of depletion that Yoder should expense for 2012?
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?
Which of the following statements does not correctly describe the accounting for bonds that were issued at their face (maturity) value?
Prepare an amortization table through the first two interest periods using the effective-interest method. b) Prepare journal entries to record bond-related transactions as of the folowing dates January 1,2014, July 1 2014, Dec 31,201
On January 1, 2014, Jannison Inc. acquired 90% of Techron Co. by paying $477,000 cash. There is no active trading market for Techron stock. Techron Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $280,000 at..
Prepare an income statement for the year ended December 31, 2011, and a balance sheet as of December 31, 2011 and prepare all journal entries to record the information for 2012. Also prepare any necessary adjusting entries.
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