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Stallman Company took a physical inventory on December 31 and determined that goods costing $283,330 were on hand. Not included in the physical count were $26,040 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,640 of goods sold to Alvarez Company for $33,230, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?
Finley had 10,000,000 shares of common stock outstanding during 2012. Prepare a partial income statement for Finley beginning with income from continuing operations.
jeter co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger.
sharp and townson had capital balances of 60000 and 90000 respectively at the beginning of the current fiscal year. the
The bonds were issued preciously at a price to yield 14%. William Corp (retired them) on July 1, 2008. What is the amount of the loss on early extinguishment.
a retail department store used the following cost-volume relationship were used in developing a flexible budget for the
a company is considering purchasing a machine that costs 320000 and is estimated to have no salvage value at the end of
the merchandise inventory of planter co was destroyed by flood on august 15. the following data were obtained from the
The selling price of the goods is $1,500, and the cost to Diaz Company was $800. On September 8, De La Hoya returns defective goods with a selling price of $200 and a scrap value of $80. Record the transactions on the books of De La Hoya Company.
pheasant co. can further process product b to produce product c. product b is currently selling for 30 per pound and
a. in 2012 the orange furniture store an accrual method taxpayer sold furniture on credit for 1000 to sammy. the cost
from the e-activity create an argument for the use of the mark-to-market accounting method for pension accounting.
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
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