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The following data were taken from the income statements of Merlot Company.
2012
2011
Sales revenue
$6,420,000
$6,240,000
Beginning inventory
960,000
840,000
Purchases
4,840,000
4,661,000
Ending inventory
1,020,000
Compute for each year (a) the inventory turnover ratio and (b) days in inventory. What conclusions concerning the management of the inventory can be drawn from these data?
Prepare the appropriate journal entry to be made by Bayfield Company for the first lease payment. Prepare the journal entry to record the lease agreement on the books of Josh inc. on January 1, 2008
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
thai bays computer system generated the following trial balance on december 31 2011. the companys manager knows
The user has updated the question: User's response: Calculate the financial impact of buying a CT unit that would cost $3.0 million, would have a five-year useful life, would have a 10 percent salvage value.
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
Calculate the sample size and sampling interval.
Assuming all sales were made on account, compute the ending accounts receivable balance that should appear in the ledger, noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the branch manager, explaining the fac..
Armstrong Corporation manufactures bicycle parts. The company currently has a $19,500 inventory of parts that have become obsolete due to changes in design specifications. The parts could be sold for $7,000 or modified for $10,000 and sold for $2..
explain how financial statements assist in the capital allocation process. how are financial statements limited? which
berger company purchased equipment having an invoice price of 22500. the terms of sale were 310 n60 and berger paid
Management has decided to get a detailed report based on an intensive investigation of the financial position of the sales department, production department and development and research department.
Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2010. Notes payable of $30,000 are due in January 2011.
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