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Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, 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?
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
At 12/31/12, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and market, respectively. Following is data relative to the 12/31/13 inventory of Jenner.
What lump-sum will Henry have to invest now at 12% per year in order to have $2,000 at the end of each of the next two years?
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
Williamson Group operates a chain of bookstores. A recent business expansion plan resulted in the opening of more than 25 new stores. The Upland store has one more feature that the Stowe store does not have-a small coffe shop.
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
What is target pricing?
What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?
Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.
Discuss whether the fact that the library building is in the historic part of town has any role in determining how to record and report the damage and repairs to the library.
The head of the corporate tax division of a major public relations firm has proposed investing $295,000 in personal computers for the staff. The useful life and recovery period for the computers are both 5 years.
Calculating returns. You bought a share of 5.5 % preferred stock for $92.18 last year. The market price for your stock is now $94.17. What is your total return for last year?
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