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(Learning Objective 2: Apply the average, FIFO, and LIFO methods) Jonah’s Copy Center uses laser printers. Assume Jonah started the year with 100 containers of ink (average cost of $9.50 each, FIFO cost of $8.40 each, LIFO cost of $8.10 each). During the year, Jonah purchased 700 containers of ink at $9.90 and sold 600 units for $20.50 each. Jonah paid operating expenses throughout the year, a total of $3,900. Jonah is not subject to income tax.
Prepare Jonah’s income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
If a CPA knows that the client has a material error on a prior year’s return, he should not, without the client’s consent, disclose the error to the IRS.
You are to journalise the events. You should assume that all monies were received on 18th April. What other option did the directors have with the excess demand, returning the excess?
What basis will Wren have in the marketable securities and unimproved land it receives in the liquidation? What happens to Cardinal’s E&P and general business credit carryover?
Calculate the depreciation under the straight line method and calculate the depreciation under the double declining method.
Determine the sales and variable cost volume variances, assuming volume is actually 31,000 units . Indicate whether the variances are favorable (F) or unfavorable (U).
The following amounts were taken from the accounting records of Bontancia Services, Inc., as of August 31, 2011. Bontancia Services began its operations on September 1, 2010.
Carson uses the sum-of-the-years-digits method of depreciation. What should the accumulated depreciation be at December 31, 2008?
Prepare a complete cash flow statement using the indirect method for the 2010 fiscal year and compute the amounts - Cash collected from clients during the year
Prepare depreciation schedules for the following methods: (a) straight-line, (b) unitsof-activity, and (c) declining-balance using double the straight-line rate.
Indiana Jones Company had the following selected transactions. Journalize the adjusting entries at February 28.
If the company borrows money at 12% to pay for the purchase on the last day of the discount period and pays the loan off on the last day of the credit period, what would be the net savings for the company?
Did the bookkeeper correctly record the client’s deposit? What would you do as controller for the firm? Do you have a responsibility to do anything to correct the books? Explain your answer.
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