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The reported net incomes for the first 2 years of Sinclair Products, Inc., were as follows: 2010, $147,000; 2011, $185,000. Early in 2012, the following errors were discovered. 1. Depreciation of equipment for 2010 was overstated $19,000. 2. Depreciation of equipment for 2011 was understated $38,500. 3. December 31, 2010, inventory was understated $50,000. 4. December 31, 2011, inventory was overstated $14,200. Instructions: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.) (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Assume that a buyer receives a shipment of MODEL SD010 with an invoice amount of $780, although $870 worth of goods were received. The purchase order was for $870. Since the difference was in the buyer's favor, the buyer's purchasing department s..
Assume 200 barrels are transferred from the Production Division to the Refining Division for a transfer price of $6 per barrel. The Refining Division sells the 200 barrels at a price of $40 each to customers. What is operating income of both divis..
To the nearest whole dollar, illustrate what should be the total property taxes at a sales volume of 30,900 units? (Assume that this sales volume is within the relevant range.)
Prepare a cash disbursement budget for March - May only.
Prepare the general journal entries required to record the acquisition and payment on each of the independent cases above. Round to the nearest dollar.
Evaluation of Target Cost to maintain a Target Profit Rate - To maintain a target profit equal to 35 percent of the new product's cost, what will the target cost be.
Discuss what manufacturing information would be important to track. Please make sure to report the accounting documents used to gather and report this information
Prepare the company's process cost summary for October using the weighted-average method. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished good inventory.
Explain circumstances under which Randy’s decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable.
Calculation of requirement of cash to be maintained and The Wallace Company must maintain a minimum cash balance of $30,000. At the beginning of February the company's cash balance was $50,000.
Determine how the disclosure should be treated in this instance. Examine what effect this would have on the financial statements.
Find amount of Bob's bonus if the bonus is to be evaluated on income before deducting salary and interest on capital accounts, but after the bonus?
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