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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."
Needs to be 3-4 pgs.
Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.
The following payoff table shows the profit for a decision problem with three states of nature and two Decision Alternatives (DA):
Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sallys interest deduction for the 2010 tax year?
Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..
on May 5, 1980 the Marr company issued a 5 year stock option to the chief financial officer the option entitled the employee to buy 1,000 shares of stock for $4 per share when the stock was selling fro $4 per share. under APB opinion No. 25 what i..
Prepare an estimated income statement for 2008. What is the expected contribution margin ratio? Determine the break-even sales in units. Construct a cost-volume-profit chart indicating the break-even sales.
Johnsons Construction is considering an investment in equipment costing $660,000. The equipment will be depreciated on the straight-line basis over an 8 year period with an estimated residual value of $120,000.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
In 2010, Clair, a calendar-year taxpayer, purchased business equipment (7-year property) for $700,000. The property was placed in service during 2010 (and is being used exclusively in Clair's extremely profitable business).
Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
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