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You are the auditor visiting Brown Machine Co. to review its December 31, 2012 inventory and to prepare the necessary adjustments to the books. Brown has done the book to physical adjustment, but the 2012 books are still open until the audit is complete. You discover the following items. For each situation, tell me what "US" entry you would make. If no entry is needed write "no entry". 1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30. 2. Materials costing $28,000, shipped to us fob destination, were not entered into A/P until early January. The materials were in a railroad car on our premises at year end, but were excluded from the count. 3. Included in the count is inventory costing $18,000 that was sold to a customer fob destination on December 31 after the physical count. The customer received the goods on January 5. The A/R dept booked it as a sale for $23,000 on December 31.
evaluating customer reaction of the trade-off of giving up some features of a product for a lower price would best fit
On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
What role does the Internal Revenue Service play in interpreting, and providing guidance on, the tax law? What types of tax law guidance are published by the IRS?
compute the depletion expense in 2013 and 2014 for financial accounting purposes. what accounts will be diebited and
the standard cost sheet calls for 80 pounds of zinc per batch of 70 faucets. zinc has a standard price of 5.10 per
Difference between accounts payable and accruals (liabilities)
The salvage value of the U-Scan is expected to be $3,000. What is the net present value if the cost of capital is 12 percent (ignore income taxes)? If required, round to the nearest whole dollar.
construct a bond amortization table for this problem to indicate the amount of interest expenses and discount amortization at each May 31. Include only the first four years.
All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
clean laboratories produces biodegradable liquid detergents that leave no soap film.the production process has been
In April 2007 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma makes no elections with regard to the property. Emma's depreciation on the machine this year is
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