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Premier Bank and Trust is giving Alou Company a loan. Before doing so, management decides that added discussions with Alou's accountant may be desirable. One area of particular concern is inventory account, which has a year-end balance of $297,000. Discussions with accountant reveal the subsequent. 1. Alou sold goods costing $ 38,000 to Comerico Company, FOB shipping point, on 28th December. The goods are not expected to arrive at Comerico until 12th January. The goods were not included in physical inventory because they were not in warehouse. 2. The physical count of inventory did not include goods costing $95,000 that were shipped to Alou FOB destination on 27th December and were still in transit at year-end. 3. Alou received goods costing $19,000 on January 2. The goods were shipped FOB shipping point on 26th December by Grant Co. The goods were not included in physical count. 4. Alou sold goods costing $35,000 to Emerick Co., FOB destination, on 30th December. The goods were received at Emerick on January 8. They were not included in Alou's physical inventory. 5. Alou received goods costing $44,000 on 2nd January that were shipped FOB shipping point on 29th December. The shipment was a rush order that was supposed to arrive 31st December. This purchase was included in the ending inventory of $297,000.
Evaluate the correct inventory amount on 31st December.
Using the subsequent information from Alfred's year 1, year 2, and year 3 Schedule K-1, determine his tax basis the end of year 2 and year 3.
Evaluate the full unit product costs for Widgets and Gadgets using the traditional costing system and Find the full unit product costs for Widgets and Gadgets using the ABC system.
Make a flexible budget for the Beverage Division using production levels of 45,000 units, 50,000 units, and 55,000 units. If required, round per unit amounts to two decimal places
Prepare the sales portion of the entry for this sale on Janet's books and Prepare the cost of sales portion of the entry for this sale on Janet's books
Which of the following reflects the investment of cash by Rickie James in her sole proprietorship and Which of the following reflects payment of a utilities bill from the power company?
ARB 43 noted that there are two separate types of intangibles: those having a term of existence limited by regulation and others and those having no such terms of existence
Calculation of Cash and Cash equivalents with given information - What amount should be shown in Tulips December 31, 2009, balance sheet as "Cash and cash equivalents"?
Journal entries for unexpectedly pays past-due balance on its account. Bibby Company unexpectedly pays the $6,320 past-due balance on its account that was previously written off. The first entry is to reestablish the receivable.
Make a direct materials budget showing the quantity of material A135 to be purchased for July, August, and September and for the quarter in total.
Evaluate the equivalent units of production for the first department for April, consider the company uses the weighted-average method of accounting for costs and units.
How much indirect factory wages and factory equipment depreciation cost could be assigned to the Customer Orders activity cost pool?
Impact of increase in production volume on sales, cost and income - Assuming the cost behavior patterns implied by the data in Exhibit 1 are correct, would you recommend this action be taken? What would be the impact on monthly sales, costs, and in..
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