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A physical count of the remaining inventory reveals that there are 272 units on hand at the end of the period. Now that you know the number of units and cost of goods available for sale during 2012, the next step is to allocate those units to ending inventory or cost of merchandise sold. Recall that beginning inventory and each purchase can be thought of as layers. Each layer must now be allocated to either cost of merchandise sold (an expense) or ending inventory (an asset). Complete the tables below to determine each layer for the cost of merchandise sold and the ending inventory (for ending inventory, start with the last layer and work backwards).
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
1. Give three examples of how management can engage in "real" earnings management to achieve the desired reporting of higher net income. 2. Profiles Corp. had the following infrequent income statement items during 2009:
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on september 1 2012 jacob company sold at 104 plus accrued interest 4440 of its 9 10-year 1000 face value
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