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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.
At the beginning of 2011, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials; however, it paid for only $292,500. Explain how much inventory was requisitioned for use on jobs during 2011?
How much depreciation could RLM record for the year ended December 31, 2011
Identify by number the accounting assumption or principle that is described below. Do not use a number more than once and Is the rationale for why plant assets are not reported at liquidation value.
Evaluate net profit margin, total asset turnover and current ratio.
During the month, merchandise is sold for $23,500 cash and for $34,000 on account. The cost of merchandise sold is $41,500. Illustrate what is the amount of gross profit?
Prepare a trial balance on April 30, 2008 and Tot. trial balance $8,254 - Merchandise Accounting
Should the City buy the new system or keep the old system and how much additional revenue could the ride have to prepare per year to make it an attractive investment?
Purpose the journal entry on Partner's books for the acquisition of Sizemic Corporation's net assets.
To record the purchase of direct materials, the general ledger would include illustrate what entry to the Materials Price Variance Account
Identify the major players that play an intermediation role between individual investors and entrepreneurs/ managers. What is the intended function of each of the intermediaries?
She receives real estate with a fair market value of $72,000 and Todd assumes the mortgage. What is her recognized gain and adjusted basis for the real estate received?
Purpose a reconciliation of Master Budget Operating Income, Flexible Budget Operating, and Actual Operating income. and evaluate Master Budget Operating Income
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