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Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and sales returns and allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $14,100.
Instructions
(a) Prepare the adjusting entry necessary as a result of the physical count.(b) Prepare closing entries.
Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?
Chipco paid $15 million of foreign taxes on its foreign-source manufacturing profits and $2 million of foreign taxes on its foreign- source passive investment income. Assume that the U.S. tax rate is 35%.
What will be the implications of the decision of the manager to lay off the 3 experienced sales executives?
What factors should be considered in making an estimate of the loss accrual? What information should management disclose in the footnotes to the financial statements concerning this purchase commitment?
Loyola International, Inc. is considering adding a portable CD player to its product line. Management believes that in order to be competitive, the CD player cannot be priced above $79. Compute the target cost of a CD player.
The cash disbursements for selling and administrative expenses on the August selling and administrative expense budget should be?
Ddescribe the possible "errors" or "frauds" that could occur because of the control weakness. You are to do this using the information provided in the case.
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Calcuate the depreciation expense using the double-declining balance method for the first two years the equipment is owned.
Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of owner's equity (John Wong's ..
Determine their shares to the net income or net loss for each of the following independent situations:
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