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suppose greg groovy tunes' inventory account showed a balance of 10000 before the year end adjustements. the physical count of goods on hand totaled 9700. to adjust the accounts, what entry would greg make?
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it as: How should depreciation be recorded? Do you support Boland o..
There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced.
if you have 20 journal entries for the past 6 months that need to be re-calculated to reflect a 20% commission payout on 15 employee's what method would you use to show that your method of calculation is accurate?
Class, the textbook describes the consolidating entries that are entered on a work sheet as S A I D E and P. What do these letters represent and what are the entries accomplishing in the consolidation.
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
a. Compute the selling price per unit. b. Compute the contribution-margin ratio.
Crone Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.
Other than the construction funds borrowed, the only other debt outstanding during the year was a $150,000, 10-year, 7% note payable dated January 1, YEar 1. How much interest should be capitalized by Starlight during Year 3?
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
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