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Brown Corporation had consistently reported its income by the cash method. The corporation should have used the accrual method because inventories are material to the business. In 2005, Brown timely filed a request to change to the accrual method. At the beginning of 2005, Brown had accounts receivable of $60,000. Also, Brown had merchandise on hand with a cost of $80,000 and accounts payable for merchandise of $25,000. The accounts receivable, inventory, and accounts payable balance per books were zero. Determine the adjustment to income due to the change in accounting method and the amount that is allocated to 2005.
Prepare the entry to record Poulter's investment in the partnership, assuming the equipment has a fair value of $19,500.
Jimmy owns a trucking business. During the current year he incurred the following:
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
There are several methods, LIFO, FIFO, Weighted Average, Market, and Historical Cost. If you are in the retail/wholesale business, would you use the same method that you would use if you were in the manufacturing business?
Suppose that, on March 28, 2020, this security's price is $38,260. If an investor had purchased it for $24,099 at the offering and sold it on this day, what annual rate of return would she have earned?
Sam Jones is a pharmacist earning $90,000 per year and he decided whether to purchase a pharmacy and become manager of a business that generates revenue of $500,000 each year.
Demarcus is a 50% partner in the DJ partner. DJ has taxable income for the year of $200,000. Demarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize?
If operating lease commitments are considered equivalent to debt, what percentage of the American's debt is represented by the lease liabilities?
Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are $600,000, and fixed costs are $110,000. How much will operating income change if sales increase by $40,000?
Someone purchased 320 shares of DNA at 35 3/4 from broker. He charges 1.6% for the transaction. Odd lot carry 1/8 of a dollar brokerage differential.
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
If the company maintains a constant 7 percent growth rate in dividends, what was the most recent dividend per share paid on the stock?
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