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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.
Hess uses straight-line amortization. On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
Standard hours allowed for the work done is 20,400 hours. The predetermined overhead rate is $7 per direct labor hour. Compute the total overhead variance.
Jason Greg is a recent retiree who is interested in investing some of his savings in corporate bonds. Listed below are the bonds he is considering adding to his portfolio. Before calculating the prices of the bonds, indicate whether each bond is trad..
the physician's net cash flow is $80,000 and Eastern University receives none of the fees. Critically evaluate the existing compensation plan and recommend any changes.
Buying Stock with Commission At your discount brokerage firm, it costs $10.55 per stock trade. How much money do you need to buy 300 shares of Ralph Lauren (RL), which trades at $85.25?
Calculate General Motors' ratio of cash flow to net income for all three comparative years. Round to two decimal places. Interpret the magnitude and year-to-year changes in the ratio.
Evaluate what markup percentage is the company using, Total fixed costs will decrease and fixed cost per unit will decrease.
On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17?
Research indicates an industry average quick ratio is 1.3 to 1, and a current ratio of 2.3 to 1. Based upon this information, does Grant Products appear more or less solvent than the average company in its industry? Explain briefly.
Which strategy is best the advise of Mark Hobson? Or follow Michele Woodard's strategy
disposal of fixed assetequipment acquired on january 4 2009 at a cost of 425000 has an estimated useful life of nine
Which method for preparing the Operating Activities section of the statement of cash flows, the direct or the indirect method, do you believe provides more information to users of the statement?
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