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Over the next two years, William continued selling inventory to Roberts. Assume that any items in intercompany inventory at the end of a given year were sold to outside parties in the following year. Below are the details of the intercompany inventory sales:
Year
Intercompany sales
Intercompany ending inventory at transfer price
Gross profit rate on intercompany inventory transfers
2009
$125,000
$80,000
25%
2010
$220,000
28%
2011
$300,000
$160,000
What would be the journal entries and elimination entries?
Prepare a merchandise purchases budget for the months of JUL
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Prepare an Income Statement for the year ended 2011. This statement should be flexibly designed (formulas in cells). This should be a multi-step income statement
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Find a journal or news article that explains why both accrual accounting and cash flow analysis are required to understand a company? Briefly describe the article. What would you have added to improve the analysis?
Determine the number of units of product K to be manufactured in May and compute the May cash outlay for purchases of raw material A.
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