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Corporal Inc. and Admiral Company compete with each other in the personal computer market. Corporal's primary strategy is to assemble computers to customer orders, rather than for inventory. Thus, for example, Corporal will build and deliver a computer within four days of a customer entering an order on a Web page. Admiral, on the other hand, builds some computers prior to receiving an order, then sells from this inventory once an order is received. Below is selected financial information for both companies from a recent year's financial statements : Corporal Inc. ,Admiral Company Corporal Inc Sales $26,280 ,Admiral Company Sales $34,800 Corporal Inc Cost of goods sold 21,900 , ,Admiral Company Cost of goods sold 32,850 Corporal Inc Inventory, beginning of period 956 ,Admiral Company Inventory, beginning of period 1,915 Corporal Inc Inventory, end of period 1,156 ,Admiral Company Inventory, end of period 2,315 a. Determine for both companies (1) the inventory turnover and (2) the number of days' sales in inventory. Round to one decimal place. Assume 365 days a year. Inventory turnover for Corporal Inc and Admiral Company Accounting
At the end of 20B, Storage Company reported outstanding common stock (par $20) of $300,000. Total liabilities were $440,000 and total assets were $860,000. The company had no preferred stock. The book value per share of common stock was
When analyzing financial statements it is important to recognize that accounting distortions can arise. Accounting distortions are those things that cause deviations in accounting information from the underlying economics.
Which of the following is not an approach appropriate for hedge accounting?
What is the minimum annual interest rate they must earn to achieve their goal of $20,300 if the interest is compounded semi-annually?
Taxpayer receives stock as a gift from his uncle. The adjusted basis of the stock is $20,000 and the fair market value is $37,000. Taxpayer trades the stock for bonds with a fair market value of $35,000 and $2,000 cash. What is his recognized gain..
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
Prepare the general journal entries necessary to record these transactions.
In the accounting for forward exchange contracts, gains and losses are measured usind either spot or forward rates. Which of the following statements concerning measurement of gains and losses is true?
As a result of a review and aging of accounts receivable, it has been determined that the Allowance for Doubtful Accounts should show a balance of $2,100 at December 31,2010.
lomax enterprises purchased a depreciable asset for 22500 on march 1 year 1. the asset will be depreciated using the
Assume that the quantity demanded at the price calculated in part a is only 600 units. What is the full cost of the globe, and what is the price with a 25 percent markup?
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