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Repeat M7-8, except assume Literacy for the Illiterate uses a perpetual inventory system and it sold 600 units between January 9 and January 28.
Refer M7-8
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $ 7 on January 1, (2) 450 units at $ 8 on January 8, and (3) 750 units at $ 9 on January 29. Assuming 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used.
Prepare an owner's equity statement for the month of June. Prepare a balance sheet at June 30.
during 2012 h had earnings from self-employment of 50000 and wages of 78000 from employer x. employer x withheld and
you have retired a long and successful career as a business executive and now spend a good portion of your time
Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
Consider the company you work for or a company in which you are interested. Also, do some research to find some current cost estimates for various means of financing working capital. What would be your recommendation to the company for financing i..
Discuss critically the shortcomings and criticisms of IAS 39 (AASB 139) which have given rise to IFRS 9 (AASB 9). How will the application of IFRS 9 (AASB 9) impact on the accounting for financial instruments in financial reports
what information is included in an audit exit interview?what can the cpa learn from the attorney representation legal
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
State how the concept of "professionalism" in the public accounting industry shifted or evolved between Federal Trade Commission's "restraint of trade" decision in the early 1970s and today, several years following passage of the Sarbanes-Oxley Ac..
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
siness fitness club uses straight-line depreciation for a machine costing 26400 with an estimated four year life and a
a static budget should be compared to actual costs to assess how well costs were controlled should be compared to a
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