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Assume that the ending inventory of a merchandising firm is overstated by $40,000.
A. By how much and in what direction (overstated of understated) will the firm's cost of goods sold be misstated?
B. If this error is not corrected, what effect will it have on the subsequent period's operating income?
C. If this error is not corrected, what effect will it have on the total operating income of the two periods (the period in which there is an error and the subsequent period) combined?
On January 1, 2014, Fancy Associates purchased 30 percent of the outstanding shares of stock of Ashley Corp. for $100,000 cash. The investment will be accounted for by the equity method. On that date, Ashley's net assets (book and fair value) were $2..
would we expect to see a difference in the end percentage for direct materials against the completion percentage for conversion costs?
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Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
A company incurs research and development costs of $200,000 in 2013 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. What amount should be..
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Franklin Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?
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