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Prepare the journal entries required to adjust the inventory records at year-end, assuming that Mario's uses the first-in, first-out method. However, the replacement cost of the trees at year-end is $20 apiece, rather than the $40 stated originally. [Make separate journal entries to record
(1) the shrinkage losses and
(2) the restatement of the inventory at a market value lower than cost. Record the shrinkage losses first.] Information you may need: Mario's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree: Quantity Unit Cost Total Cost First purchase (oldest) 130 $ 25.00 $ 3,250 Second purchase 120 28.50 3,420 Third purchase 100 39.00 3,900 Total 350 $ 10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mario's values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.)
the woody company manufactures slipper and sells them at 10 a pair. variable manufacturing costs are 4.50 a pair and
What amount should White report as Cost of Goods Sold in the 2011 income statement?
the board of directors of a corporation are elected by the corporate registrar. b. are responsible for day-to-day
In deliberations prior to the issuance of SFAS 160, "Noncontrolling Interests in Consolidated Financial Statements," the FASB considers three alternatives for displaying the noncontrolling interest in the consolidated statement of financial positi..
Olga, a cash basis taxpayer, sold a corporate bond with accrued interest of $300 for $10,000. Olga's cost of the bond was $10,000. What is her gross income for tax purposes?
During the year, Baskett reports net income of $90,000 while paying dividends of $30,000. What is the Investment in Baskett Company balance (equity method) in Ace's financial records as of December 31?
Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.
kenny harrison corp. a capital goods manufacturing business that started jan 4 2008 and operates on a calendar- year
berg company adopted a stock-option plan on november 30 2013 that provided that 73200 shares of 5 par value stock be
danson iron works inc. manufactures angular contact ball bearings for pumps that operate in harsh environments. if the
switzer inc. has 8 computers which have been part of the inventory for over two years. each computer cost 600 and
consider the following budget information materials to be used totals 69750 direct labor totals 198400 factory overhead
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