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In taking out a trial balance, a bookkeeper finds that he isout Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.
a) An item of sale for Rs. 11800 was posted to the sales a/cas Rs.19000.
b) The total of the sales returns book has been added Rs.200short.
c) An amount of Rs.7400 received from a customer has been credited to his account as Rs.14600.
d) Rs.300000 paid for purchase building has been charged to the ordinary purchase account.
e) A sum of Rs.19000 written off from building a/c as depreciation has not posted to depreciation a/c.
f) An amount received from a debtor of Rs.19400 has been debted to his account as Rs.15800.
Required: Given rectifying entries and prepares a suspense account.
The Cruise Salad Company began March with zero cases of its Thousand Island dressing in work-in-process inventory. During March, Cruise started 125,000 cases into production.
ABC Company reported net income of $24,000 on gross sales of $110,000. The company has total assets of $215,000, of which $120,000 is property, plant, and equipment. What is the company's return on investment?
Determine the stockholders' equity of Camp bell soup as of July 31, 2005 If assets increased by $1,094and liabilities increased by $596, what was the increase of decrease in stockholders' equity for the year ending July 30,2006?
When a parent company that records its investment using the cost method during a fiscal year sells a portion of its investment, explain the correct accounting for any difference between selling price and recorded value.
Auto Tires has been in the tire business for four years. It rents a building but owns all of its equipment. All employees are paid a fixed salary except for the busy season (April - June), when temporary help is hired by the hour. Utilities and ot..
The partners' relative interests in the Sec. 751 assets do not change as a result of the current distribution. Carlos's basis in the building is:
Fairfield company management has budgeted the following amoumts for its next fiscal year total fixed expenses 832,500, sale price per unit 40, variable expenses per unit25 what will happen to the breakeven point in units if fairfield can reduce fi..
Rons sells his business accounts receivable of $100,000 to Mike for $80,000 (80% of the face value of the accounts reveivable). Mike later determines that he will be able to collect only 9000, of a 10,000 receivable. Mike's basis in the 10,000 acc..
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
Discuss situations in wihc the auditor should use accounts paayable confirmations and discuss wheter the auditor is required to use them.
If 30,000 units of the part are normally purchased during the year but could be manufactured using unused capacity, what would be the amount of differential cost increase or decrease from making the part rather than purchasing it?
Godert pharmaceutical company has many scientists working in the labs trying to develop anti-aging drug. The cost of this research and development should be.
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