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1. Gross Profit Method Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000Purchases (gross) 640,000Freight-in 30,000Sales 1,000,000Sales returns 70,000Purchase discounts 12,000
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Depreciation Method and Useful Life Building: 150%-declining-balance; 25 years. Machinery and equipment: Straight-line; 10 years. Automotive equipment: Sum of the years'digits; 4 years. Leasehold improvements: Straight line.
pepperoni pizza company owns and opertes fast-service pizza parlors throughout north america. the firm operates on a
Climate-Control, Inc., manufactures a variety of heating and air-conditioning units. The company is currently manufacturing all of its own component parts. An outside supplier has offered to sell a thermostat to Climate-Control for $20 per unit.
A Club has food sales of $4,000,000 and a food cost of 40%. The club's current ratio is 2, its food inventoryturnover ratio is 16, and its average collection period is 45 days. assume a year has 360 days.
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
Chev Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $1.28 million for 2008. The company is not a small corporation. If the regular corporate tax is $209,000, Chev's alternative minimum ta..
If Edsel uses the sales revenue approach for estimating bad debt expense, the income statement should show an expense of??
1. holey foods has a piece of equipment that it bought on january 1 2011 for 48000 which it sells to an equipment
The accountant preparing the income statement for Bakersfield, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2010. Assume a tax rate of 40 percent.
Compute the balance in your margin account at the end of each of the four trading days, and compute your total profit or loss at the end of the trading period.
What has been the effect of this practice on accounting? What is its relation to the accrual system? What influence has it had on accounting entries and methodology?
on february 1 2012 buffalo corporation issued 2870 shares of its 7 par value common stock for land worth 36160.prepare
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