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Tom Brady Shop began operations on 2nd January, 2012. The subsequent stock record card for footballs was taken from the records at the end of year. Date Voucher Terms Units Received Unit Invoice Cost Gross Invoice Amount 1/15 10624 Net 30 50 $27.00 $1,350 3/15 11437 1/5, net 30 65 23.00 1,495 6/20 21332 1/10, net 30 90 22.00 1,980 9/12 27644 1/10, net 30 84 19.00 1,596 11/24 31269 1/10, net 30 76 18.00 1,368 Total 365 $7,789 A physical inventory on 31st December, 2012, reveals that 100 footballs were in stock. The bookkeeper informs you that all discounts were taken. Suppose that Tom Brady Shop uses invoice price less discount for recording purchases. (a) Evaluate the 31st December, 2012, inventory using FIFO method. (b) Evaluate the 2012 cost of goods sold using the LIFO method. (c) Find what method would you recommend to owner to minimize income taxes in 2012, using inventory information for footballs as a guide?
On hearing that you are undertaking a subject in accounting as a part of your degree you are approached by a friend, Michael Graham, to give him advice regarding the potential purchase of a business.
pure competition firms make economic losses, but monopolistic competitive firms make economic profits. d) pure competitors confront a perfectly elastic demand curve, while monopolistic competitive firms face a downward-sloping demand curve.
Determine the relevant costs for this order for the assembly division under both internal and outsourcing arrangements and determine the relevant costs for order for Davenport as a company under each of the sourcing arrangements.
What is a cash budget and how it is useful in managerial decision making - Balance Score Card
In addition, Ashley pays $14,000 in commissions and $3,000 in legal fees in connection with the sale. Explain how much does Ashley realize (the amount realized) from the sale of her property?
question you are asked to bring the subsequent incomplete accounts of one of plentiful printings printing plants up to
Why does a company choose to do an IPO? What are some major concerns for the issuing company? Do you think choosing the right investment bank is a key to the success of the IPO?
In the year of the change they thereby had one fewer pay periods. How would the change affect the reported expenditures of a governmental fund under GAAP?
Would I segregate them on the balance sheet as non revenue producing assets, not depreciate them but instead analyze them for impairment annually and then potentially write them down annually.
Suppose your required return on the project is 8 percent and your pretax cost savings are $196,000 per year. What is the NPV of the project?
Prepare the journal entry to distribute available cash on January 1, 2011. Include a safe payments schedule as proper explanation of who should receive cash.
Why is it that for the operating leverage in some industries, 10 percent ROA is the norm, while in others the operating leverage reflected is only 1 percent?
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