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Cash flows to accrual. For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2013:
a. Cash collected from customers during the year amounted to $412,000, and accounts receivable increased by $25,000. How much were sales on account for the year ended December 31, 2013?b. Cash payments for income taxes during the year were $166,000, and income taxes payable increased by $14,000. How much was income tax expense?c. Cash paid to suppliers during the year amounted to $243,000, accounts payable decreased by $27,300, and inventories decreased by $16,000. How much was cost of goods sold?d. The net book value of buildings increased by $95,000. No buildings were sold, and a new building costing $170,000 was purchased during the year. How much was depreciation expense?
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Using the installment sales method determine the amount of income recognized in the first and second years. You may ignore the interest income.
Prepare a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.
Discuss how this course will influence your current or future career choices. Which topics did you enjoy most and which did you find the most useful?
olds inc. which produces a single product has provided the following data for its most recent month of operationsnumber
snake creek company has one trusted employee who as the owner said handles all of the book-keeping and paperwork for
1. explain why calculating a break-even point should be the first step for any potential business.2. what options are
Ranger Company produces men's shirts. The following budgeted and actual amounts are for 2010:
hickory grill company manufactures two types of grillsthe gas cooker and charcoal smoker. the cooker is a premium
Calculate the net present value on this project, and discuss whether it should be accepted and calculate the internal rate of return on this project, and discuss whether it should be accepted.
Assume that Emilie Co. paid the balance due to De Ravin Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be recorded in the purchaser's books at:
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