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DiscountInventory 1 July 25000Purchases on credit 248 400Freght inwards paid 21600Payment to account payable 241 500received 4 800Sales on credit 41 6000Receipts from accounts receivable 424 000Discount allowed 5 400Stocktate at 30 June 2013 showed total 33 000 (ignore gst)
Prepare a trading statement showing gross profit for the year assuming a periodic inventory system is used.
prepare journal entries to record (a) the copier's sale; (B) the adjustment on December 31,2011, to recognize the warranty expense; and (c)the repairs that occur in November 2012.
Caculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 370 units ib June 27 for..
Michelle ran her own accountancy business. During the year she was persuaded to change premises which she ran her business from, and which she rented.
Impairments are: a) recognized as a realized loss if the impairment is judged to be temporary. b) based on fair value for available-for-sale investments and on negotiated values for held-to-maturity investments.
Hill Corp. had 600,000 shares of common stock outstanding on January 1, issued 900,000 shares on July 1, and had income applicable to common stock of $1,050,000 for the year ending December 31, 2010. Earnings per share of common stock for 2010 woul..
Jones, CPA, entered into a signed contract with Foster Corp. to perform accounting and review services. If Jones repudiates the contract prior to the date performance is due to begin, which of the following is false?
It is estimated that $38,400 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's overall net operating income would:
A company with a higher contribution margin ratio is: a) more sensitive to changes in sales revenue. b) less sensitive to changes in sales revenue.
Reiner Wholesale Merchandise had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2003. These data apply to each of the independent situations below.
At what amount should the equipment (net of depreciation) be included on the consolidated balance sheet dated December 31, 2009?
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
Compute the income or loss before taxes recorded by Krawczyk for the years ended December 31, 2011, and 2012,as a result of the above transaction, assuming that the installments are collected as due under the contract.
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