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Journal entries of Merchandise purchase on account.
1. (3/30/2009) Sold $1,700,000 Merchandise Inventory on account. All sales are recorded net of the 2% discount offered by the company. (Any discounts not eventually taken by the purchaser are recognized as interest income.) No shipping charges are paid
2. (3/31/2009) Determined that $40,000 of the Merchandise purchase in Transaction 37 was actually for office supplies, and not Merchandise Inventory. Goochland would have recorded the supplies at their price net of the 2% discount.
The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.
question a on january 1 2012 fishbone corporation sold a building that cost 250000 and that had accumulated
Now that the current liabilities have been completed for the audit, the audit senior has asked you to review the long-term liabilities for any potential issues. After reviewing the long-term liability documents, you noticed the following potential..
Invoices representing $1,005 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June.
Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured?
The design of tests of details of balances for inventory is affected by audit results from multiple cycles. What is one of those cycles, other than the inventory and warehousing cycle, that affect the audit of inventory? How does this cycle affect..
discuss what accounting policies and adjusting entries are applicable to these accounts. Why are they important to Lyric opera‘s management?
Explain how the assessment of a client’s financial condition can affect the auditor’s decisions concerning evidence accumulation in later phases of the audit.
Examine the operating statements in detail, paying particular attention to the lines on which changes in net position and changes in fund balances are reported and develop a list of reasons why the two numbers are not the same.
Describe GASB requirements for accounting for Investment Trust Funds, A discussion of when the use of investment trust funds is appropriate.
Prepare a production budget, in units, for each of the first four months of the year and Prepare a direct materials budget, in dollars, for each of the first three months of the year.
purchase of a $43,000 machine that would reduce operating costs in its warehouse by $6,200 per year. At the end of the machine’s 10-year useful life, it will have no scrap value. The company’s required rate of return is 12%.
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