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At December 31, 2010 Howell Company's inventory records indicated a balance of $1,128,000. Upon further investigation it was determined that this amount included the following three items:
(1) $168,000 in inventory purchases made by Howell shipped from the seller 12/27/10 terms FOB destination, but not due to be received until January 2nd
(2) $111,000 in goods sold by Howell with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th.
(3) $9,000 of goods received on consignment from Westwood Company
What is Howell's correct ending inventory balance at December 31, 2010?
James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages-Prepare some ..
Prepare journal entries in good form for the following transactions for the Goodland Company. Omit explanations. (So that a line won't be automatically skipped, you may hold the shift & enter.)
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Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly.
Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
Read Company reported actual sales of $2,000,000, and fixed costs of $480,000. The contribution margin ratio is 30%.Compute the break-even point in dollars, the margin of safety in dollars and the margin of safety ratio.
Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reasons
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