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Contributions of fixed assets may affect more than one type of fund. Discovery Barn, a not-for-profit science center for children, received a contribution of $3 0,000 explicitly designated for the acquisition of computers. During the year, it acquired $21,000 of computers, which it estimated would have a useful life of three years. It is the policy of the organization to charge an entire year's depreciation in the year of acquisition. Prepare all required journal entries, being certain to indicate the type of fund in which each entry would be made.
Bienvenu later discovered that its ending inventories at December 31, 2009 and 2010, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2010 cost of goods sold and December 31, 2010, retained earnings.
Briefly describe when petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain.
It has detachable warrant that allows purchaser to buy 20 shares of stock. Price of bond right after issue is 96 and detachable warrant is 2$. What is journal entry for issuing this bond?
Evaluate the exponentially smoothed forecast of calls for each week. Suppose an initial forecast of 50 calls in the first week and use smoothing constant for forecasts=0.1 evaluate is the forecast for the 25th week?
Inventory at the beginning of the year was 20,400 units. The finished goods inventory at the end of each quarter is to equal 34% of the next quarter's budgeted unit sales. How many units should be produced during the first quarter?
Workers go to a box that contains individual customer order sheets. They take the bottom order (the oldest) and go into the warehouse with a handcart and a box . They then fill the order and carry the parts to a packing station. Illustrate how you..
Why do you think there have been so many mergers in recent years? Do you feel this practice is beneficial to society? Justify your thoughts. How does 'influence' impact accounting for investments?
Renee Jackson is a partner in Sports Promoters. Her beginning partnership capital balance for the current year is $55,000, and her ending partnership capital balance for the current year is $62,000. Her share of this year's partnership income was ..
Evaluate Bugaboo's plant-wide factory overhead rate for May. Determine May's product cost for each type of cookie.
Prepare the journal entry to record the purchase of treasury stock by the cost method and 9000 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reisssuance by the cost method.
From the company's perspective, should Department R purchase the units internally or externally? Assume Department A has ample capacity to handle all of Department R's needs. Would your answer change if Department A can sell everything it produces ..
Under what circumstances would you need a non-parametric test - When you think your sample size is too big.
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