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effect of different inventory cost flow on financial statements. The company records of the books Phography, Inc.. Reflected the following balances as of January 1,2012.
Cash 19,00Beginning inventory 6,750 (75 unit @$90)Retained Earnings ending 18,250The fallowing five transactions occurred in 20121. First purchase (Cash) 100 unit @ $922. Second purchase (cash) 175 units @ $1003. Sales all cash 300 units @ $1704. Paid 15000 cash for operation expenses.5. Paid for income tax a the rate of 30% of income before taxes.
Required
a. Compute the cost of goods sold and ending inventory, assume (1) is LIFO, LIFO cost flow (2) LIFO cost flow. And (3) weighted average. Record the event under account equation before preparing the stamens
Wilton held land with a book value of $50,000 and fair value of $600,000. Using the parent company theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
Earth Company expects to operate at 86% of its productive capacity of 52,000 units per month. At this planned level, the company expects to use 26,832 standard hours of direct labor.
If beginning work in process is 2,000 units, ending work in process is 1,000 units, and the units accounted for equals 5,000 units, what must units started into production be?
On January 1, 2009, Mania Enterprises issued 12% bonds dated January 1, 2009, with a face amount of $20 million. The bonds mature in 2018 (10 years).
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.
Create a cost-benefit analysis to evaluate the project
Your company just bought an asset for $200,000 with an estimated useful life of 5 yrs, and a salvage value of $10,000. The Controller asks you to use a depreciation method that would produce the highest charge against income after three years. Wha..
Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
Sales taxes amount to $400 and the company paid an extra $300 to have a special horn installed. What should be the recorded cost of the van?
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