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Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical count of inventory determines that merchandise inventory on hand is $13,300.
Instructions:
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
The Austin Land Company sold land for $85,000 in cash. The land was originally purchased for $65,000, and at the time of the sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, The Austin Land Company paid off the loan t..
X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..
The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit? - answer 100-150 words.
What are the steps in the calculation of implied value.
If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?
Assume that at January 1,2012 the carrying amount of the patent on Celine Dion's books s $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019...
Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized g..
I know that Eleanor will have a capital gain...but how does having the transaction qualify or not qualify for sale or exchange treatment affect Eleanor's capital gain?
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Management expects to sell 95,000 units of a product during the next fiscal period. How many units must be produced if the beginning inventory of finished goods amount to 5,000 units and management desires the ending finished goods inventory to eq..
Blaine Inc. shows the following data relating to its pension plan for 2011:
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