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A company produces cupcakes in large batches. Three departments are involved in the production process - mixing, baking, and packaging. The company uses a process system. If the mixing department requisitioned direct materials to be used in production totaling $3,500, which would be the journal entry to record the transaction.
What activities should you perform to correctly account for your inventory at year-end? Why is it important to track inventory? What does this information tell you about your business?
A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7.
use of account balances as a basis for adjustments lorimatlock operates a graphic arts business. a list of accounts on
The Childers Company manufactures widgets. During the fiscal year just ended, the company incurred prime costs of $1.5 million and conversion costs of $1.8 million. Overhead is applied at the rate of 200% of direct labor cost. How much of the above c..
Ultimate Butter Popcorn issues 7%, 10-year bonds with a face amount of $60,000. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually. At what price will the bonds issue?
Preston Village engaged in the following transactions: It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund. Prepare journal entries to reflect how the transactions would be..
Prepare a statement of activities for the year ended December 31, 2014. Prepare a statement of financial position for the year ended December 31, 2014. Prepare a statement of cash flows for the year ended December 31, 2014.
Explain how the offshore oil platform should be treated in the financial statements of Peppel Corporation for the year ended 31 December 2012.
Which is NOT a feature of a process costing system?
Discuss how you would respond or comment to the Exposure Draft that you researched and discuss whether or not you believe that Exposure Drafts add value to the accounting pronouncement development process.
Evaluate IBM's revenue growth, receivables, and gross margins over the period (be sure to control for seasonality in your evaluation). Evaluate IBM's earnings per Share (basic), and identify the factors most responsible for the increase in IBM's ear..
To finance your newborn daughter’s education you deposit $1,200 a year at the beginning of each of the next 18 years in an account paying 8% annual interest. How much will be in the account at the end of the 18th year?
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