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For each of the following, calculate the cost of inventory reported on the balance sheet.
(a) The total merchandise on hand at the end of the year as determined by taking a physical inventory is $55,000. Of the $55,000, $7,000 is held on consignment.
(b) The total merchandise inventory counted at the end of the year was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms.
(c) The total merchandise inventory counted at the end of the year was $60,000. Purchases for $5,000 are in transit under FOB destination terms.
Mitchell's usual billing rate is $720 per hour, and Fink's stock has a book value of $340 per share. Illustrate by what amount will Fink's Paid-in capital – excess of par increase for this transaction?
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance and Prepare the general journal entry or entries to correct the Cash account
Which of the following assets must be tested for value each year?
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Prepare cash budget for Jan to June - determine the cash surplus and shortages for each month and the company has a cash balance of $100,000 on January 1st, which is the minimum balance maintained each month.
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Upstream Inter-segment Sales: $180,000 Downstream Inter-segment Sales: $60,000 For purposes of the Revenue Test, what amount will be used as the benchmark for determining whether a segment is reportable?
When using data from a segmented income statement, the dollar sales for a segment to break even is equal to:
The owner of a clothing store must decide how many men's shirts to order for the new season. For a particular type of shirt, she must order in quantities of 100 shirts. Furthermore, she must place her order today for the entire season; she cannot wai..
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