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Stephen Anest started a new business called "Repairs R Us, Inc." at the beginning of the year. Unfortunately, Stephen has not maintained any accounting records, except for keeping track of all cash receipts and cash disbursements which are presented below. In addition, all unpaid invoices are kept in a file until they are paid. Anest has asked you to prepare an accrual basis income statement for the year. The following information should help in the preparation of the income statement:
The equipment has a useful life of ten years.
Supplies on hand at the end of the period have a cost of $3,000.
The shop rent is $500 per month, but the lease requires two months in advance.
The insurance was paid at the beginning of the year and represents a two-year policy.
Customers owe the shop $3,200 for services already performed.
The workers were hired this year and are owed $550 at the end of the year for work in Dec.
Evaluate each of the following for every alternative Net income and Earnings per share.
Prepare a store ledger account from the information adopting the FIFO method of pricing of issues of materials
Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. Prepare a Schedul..
Preston Company manufactures a product with a unit variable cost of $140 and a unit sales price of $264. Fixed manufacturing costs were $720,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 3,..
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010. Preparation of a pension worksheet is not required. Benefits paid in 2010 were $35,000.
cost of goods maufactured? direct labor cost? direct materials cost? manufacturing overhead applied? manufacturing overhead was (how much) over or under applied?
Classification of Cost in Direct material, Direct labor, Overheads etc - Research and development costs incurred by Thomas, manufacturer of derailleurs, brakes, and other component parts for bicycles in its efforts to develop new products.
Be sure to include an evaluation of the Footnote disclosures regarding Lucent's inventories in your examination. Does the explanation for the earnings shortfall provided by Lucent's managers make sense in light of your analysis?
List three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?
merchandise - warranty expensesa company sells computers at a selling price of 1800 each. each computer has a 2 year
You are a manufacturer who produces products in batches. You currently assign overhead to products based on machine hours (mh). One of the costs included is setup cost. Machines must be setup for each batch. For the past year, total setup costs were ..
Computation of Common stock dividend - the common stockholders should receive 2008 dividends totaling
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