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Benny's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000.
The net income reported by Benny's Repair Shop for the year was??
Soap Corporation issued a $350,000, 6% 15-year mortgage note to obtain needed financing for new office. The terms of the note call for semiannual payments of $17,857 each. Prepare the entries to record the mortgage loan and the first installment.
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
How a long-term asset is depreciated can have a rather sharp result, especially for capital-intensive companies. As a result, should property be assigned a life and basis based on its economic value or on its physical life expectancy?
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
What amount of depreciation expense should be reported in Worthington's income statement for the year ended December 31, 2011?
Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting.
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
What are the major classifications of inventory? Why would someone choose to use a perpetual over a period inventory system, or vice versa?
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