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How Bout Now, a clothing retailer, had cost of goods sold of $525,000 last year. The beginning inventory balance was $32,500 and the ending inventory balance was $35,000. What is the company's Days' Sales in Inventory?
Assuming that the company's $337,485 ending Finished Goods Inventory account for year 2011 had $137,485 of direct materials costs, determine the inventory's direct labor costs and its overhead costs.
What is the best way to explain accounting to a non-accountant? Analyze the importance of having a good understanding of accounting, and the implications of a lack of understanding have for business?
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?
Prepare a statement of retained earnings for the year.
When moving from the changes in fund balances in the Statement of Revenues, Expenditures and Changes in Fund Balances to the changes in net assets in the Statement of Activities, what will be the adjustment?
In the same year Nectar sold land costing $30,000 to Lorikeet for $50,000 On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What was the gain on the consolidated income statement?
Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capital balance after closing Income Summary to Capita..
Cactus does not make any distributions during 2008, but had $200,000 of ordinary income. In 2009, ordinary income was $100,000 and distributions were $100,000. What is Tex's ordinary income for 2009?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
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