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Donalds Dresses (DD) experienced the following events in 2014 and uses the perpetual inventory method. For each event, show how cash, the balance sheet (A=L+E) and the income statement (R-E=NI) are affected.
1. DD purchased (on account) merchandise inventory for $54,000.
2. The freight terms for the inventory merchandise in #1 were FOB shipping point. DD paid the freight cost of $1,000 in cash.
Aviance produces two products: hammers and screw drivers. Demand for both products is almost equal; however, the company has only 50 hours of machine time remaining in the month before the machine must be shut down for maintenance.
Laconic Company manufactures ultra sound equipment. Based on past experience, Laconic has found that total annual repair and maintenance cost can be represented by the following formula: total annual repair and maintenance cost = $205,000 + $7.50x, w..
Assume for a moment that you own a tax practice and the majority owner of Hastings Printing, Corporation (your client), informs you that she has recently heard about the alternative minimum tax (AMT) and wants you to be sure to check if that tax can ..
Evaluate the operating income that would result from the production manager's plan to manufacture 96,000 units at each plant.
On December 31, 2010, TNT Company lists the following accounts in its adjusted trial balance:
The company uses straight-line depreciation on all equipment; the annual depreciation expense will be $60,000. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capit..
Explain the differences and similarities between PBO and ABO. Describe how the 'Projected benefit obligation in excess of plan asset' is shown in the financial statement.
Bruce Industries manufactures 200,000 components per year. An outside supplier has offered to sell the component for $3.40. If Bruce purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented o..
Under the accrual basis of accounting, expenses are reported in the accounting period when the - Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as. A typical entry in t..
Borrowed $100,000 for six years. Interest payments of $6,200 will be due at the end of each year and the $100,000 will be repaid at the end of the sixth year.
Crain Co. purchased 60, 6% George Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments f..
For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.
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