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Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
Q. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Having trouble with word problem: Planned Acquisition cost $2.1M Salvage Value $0 16% discount rate savings = year end Savings: year 1 150k year 2 175k year 3 300K year
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
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