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During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000.
A-whats is the amount of gross profit?
B-compare the gross profit percentage(gross profit divided by sales)
C-will the income statement necessarily report a net income. Explain.
Johnsons Construction is considering an investment in equipment costing $660,000. The equipment will be depreciated on the straight-line basis over an 8 year period with an estimated residual value of $120,000.
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why?
Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
On February 10, 2013, Rims Corporation purchased a parcel of land as a factory site for $250,000. An old building on the property was demolished, and construction began on a new building which was completed on September 30, 2013. Salvaged material..
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
On November 1, Prince Vacuum Company offered special early retirement benefits to those employees who were eligible. This program was in effect until year-end. Prince should recognize a liability and an expense related to these special termination..
Calculate the combined pre-determined OH rate using (1) units of production (2) machine hours: 40,000 machine hours, variable mfg OH $80,000, Fixed mfg OH $325,000. The company expects to produce 10,000 units and each product requires 4 hours of m..
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
Use the Internet to conduct research related to whistleblower processes. Discuss the key characteristics for the operation of an effective corporate whistleblower hotline. Be sure to highlight potential pitfalls that should be avoided.
Prepare an income statement for the year 2007 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 80,000 sha..
Examine the accounting for investments. Be sure to distinguish between debt securities and equity securities and provide examples. Who uses derivatives and why?
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