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Jensen s Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 50 $11.00 July 28 30 $14.30 On June 1 Jensen s sold 30 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (1) FIFO, (2) LIFO, and (3) average-cost. (If there is no entry, enter 0 for the amount. Round the unit average-cost to 2 decimal places. Round answers to 2 decimal places.)
Mary and Jane, unrelated taxpayers, hold Gray Corporation's stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $600,000, fair market value of $180,000) to Gray Corporation as a contribution to capital.
Explain/discuss the value of the stage-gate process of new product development-What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
Justify how the reporting requirements of the PCAOB reduce the chance of financial fraud. Illustrate the responsibilities of an auditing firm to detect fraud during the audit process.
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
What does the cost manager do? What information does the cost manager get and how does he use it? What decision does the cot manager make about production and how does it affect shareholders?
In each of the following independent situations, determine Winston's filing status for 2012 and why. Winston is NOT married.
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
Using the Internet or Strayer databases, research the rules regarding the transfer of property and services to a corporation in exchange for stock. Include a review of the IRS to determine its level of interest and audits conducted related to this..
Inflation was 8 percent during the most recent year and your organization's investment in land rose 12 percent. If the beginning appraised land value was $1,000,000, what increase in specific prices over general price level would be reported, stat..
Describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer. What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurri..
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