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Set up one T- account for Deere's total inventories ( that is, combine the three inventory accounts for this analysis) Enter the 2011 (i.e. the 2012 opening balance) and 2012 ending balances in the T account. Use information from the financial statements to recreate the activity that took place in the account during fiscal 2012 and answer the following questions. Deere credits the total inventories account for the entire cost of sales. Note that the income statement line item Cost of sales includes the labor and overhead needed to manufacture the inventory sold. Assume that the raw material costs represent half of the total cost of manufacturing the invenorty. I. How much raw material inventory did Deere purchase in fiscal 2012? Assume that raw material inventorty was acquired in a single purchase. Provide the journal entry Deere made to record that purchase. ii. Now set up a t account for accounts payable and accrued expenses. Enter the 2011 ending balance (i.e. the opening 2012 balance) and 2012 ending balance in the t account. Assume that "accounts payable and accrued expenses" includes only inventory related transactions with suppliers and that all raw material is purchases on account. How much did Deere pay its suppliers for inventory in fiscal 2012? Assume that Deere made a single payment to all its suppliers in fiscal 2012. Provide the journal entry Deere made to record that payment.
Albacore company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30. On September 30, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares..
You own a portfolio that is 38 percent invested in Stock X, 22 percent in Stock Y, and 40 percent in Stock Z. The expected returns on these three stocks are 10 percent, 15 percent, and 12 percent, respectively.
What is the concept of current rate method of translation and temporal method of translation? How does balance sheet exposure differ under these two methods and the 2010 financial statement of Child Co.
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:
Assume this company uses the FIFO method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced of direct material?
Preparing a debt amortization schedule for a bond issued at discount. Details: Assume that the bond matures in 12 years with market interest rate at time of issue-10% annually and 5% semiannually. The stated interest rate is 8%. The interest ..
Mr. Robbins medical records indicated that a total of 20 labor hours were directly used in providing his care. The cost of the labor was $380. It was expected before the beginning of the year that a total of 90,000 direct labor hours would be cons..
An alcohol solution contains 6% ethanol by mass. This solution is fed to a distillation process which results in a concentrated product (90% ethanol by mass) and an "ethanol free" product (0.005% ethanol by mass).
During the year 3, Gruber paid out $20,000 in benefits and continued to contribute $70,000 to the plan. The plan assets had a fair market value of $377,000. What was the amount of the return on plan assets in year 3?
Employee identification number on a computer file
If a CPA is engaged by an attorney to assist in the defense of a criminal tax fraud case involving the attorney's client, information obtained by the CPA from the client after being engaged:
Calculate the total interest expense and interest payable from February 1 to August 31, 2010. Prepare the journal entry at August 31, 2010, to bring the accounting records up to date.
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