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Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-).Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
a. Accrued interest income of $15 on a note receivable.b. Paid $5,600 in cash as an advance rent payment for a short term lease that covers the next four months.c. Recorded an adjustment at the end of the first month (in b) to show the amount of rent "used" in the month.d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained.e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error.f. Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.g. Sold 15 of the items purchased (in f) for $120 each and received the entire amount in cash. Record the sales transaction and the cost of goods sold using the LIFO cost flow assumption. Perpetual inventory is maintained.h. Assume the same facts (in g) except that the company uses the FIFO cost flow assumption. Record only the cost of goods sold.i. Assume the same facts (in g) except that the company uses the weighted average cost flow assumption. Record only the cost of goods sold.j. Explain why the sales transaction in h and i would be recorded in exactly the same way it was in g.
1. determine the challenges involved in managing a restaurant operation that are specific to your state as well as how
royal company manufactures 20000 units of part r-3 each year for use on its production line. at this level of activity
1.The following information is from the annual financial statements of Raheem Company.
Related Party Transactions. Sally is an attorney who computes her taxable income using the cash method of accounting.
The company actually worked 105,000 machine-hours and incurred $540,000 in manufacturing overhead costs. By how much was manufacturing overhead underapplied or overapplied for the year?
midlands design ltd. of manchester england is a company specializing in providing design services to residential
After a thorough investigation, you have determined that the amounts of the items listed on the statement are correct. However, you notice several items that are incorrectly classified and reported.
if we are looking at a department in a store owned by a corporation would the following be direct costs? department
blue bay logistics ltd.s shareholders equity accounts were as follows at the beginning of the current fiscal year april
1 under gaap when a company installs safety andor environmental devices in excess of what the law mandates it is
Seems to me the economy is better than last year. I suggest you reduce the bad debts allowance to 12 percent. What should the comptroller do?
it will cost approximately 3000 to cover a roof with shingles that have an estimated 20 year life. a better grade
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