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As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $52,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $75,000. Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
a. $290,000.
b. $342,000.
c. $322,000.
d. $345,000.
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?
Bickner Company provides the following information about its defined benefit pension plan for the year 2010.
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Does warranty accrual decision create any ethical dilemma for Bly and since warranty expenses vary, what % do you think Bly could select for the current year? Justify your response.
For both companies, as of the end of 2009, the existence of a LIFO reserve demonstrates that LIFO inventory is less than it would have been if FIFO had been used. For both companies, compute the ratio of LIFO inventory/FIFO inventory for 2009 endi..
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
Select a scholarly empirical journal article* in Business and craft a response that adheres to the following: Please do not use quotes or copy definitions. You must also place a reference list at the end of your work containing the textbook and the ..
Cost of goods manufactured equals $55,000 for 2010. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2010 are $4,000 and $5,000, respectively. How much is c..
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
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