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Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008. During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
On December 31, 2008, Kean Company changed its method of accounting for inventory from weighted average cost method to the FIFO method. This change caused the 2008 beginning inventory to increase by $420,000. The cumulative effect of this accounti..
A truck costs $16,000 with a residual value of $1,000. It has an estimated useful life of 5 years. If the truck was bought on July 3, what would be the book value at end of year 1?
Raven Corporation owns three automobiles that it uses in its business. It no longer needs two of these cars and is considering the possibility of distributing them to its two shareholders as a property dividend.
The Sarbanes-Oxley Act of 2002 (SOX) was the catalyst for significant changes in the accounting profession and financial world. One objective of SOX was to deter fraudulent activity within an organization.
On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5,000.
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour. Tjhe following information pertains to Job A-200.
What are the differences between accrual and cash basis accounting? Why is cash accounting not appropriate for financial reporting?
On September 3, 2008, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10.
Company assembles computers from components supplied by various manufactures. Listed below are the costs incurred by the company this year: What is the amount of indirect manufacturing costs for the year?
compute the ending inventories under the dollar value lifo method for 2011, 2012, 2013. the base period is January 1, 2011, and the beginning inventory cost at the date was $45,000. compute indexes to two decimal places.
Potomac LLC purchased an automobile for $30,000 on August 5th of 2010. What is Potomoc's depreciation expense for 2010?
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
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