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Basic transactions for three accounting cycles: perpetual system
Ferguson Company was started in 2008 when it acquired $60,000 from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions.
2008
2009
2010
Purchases of inventory
$24,000
$12,000
$20,500
Sales
26,000
30,000
36,000
Cost of goods sold
13,400
18,500
20,000
Selling and administrative expenses
5,500
8,200
10,100
Required
Prepare an income statement (use the multistep format) and balance sheet for each fiscal year.
However, it is also projected for Project B that in years three and four there will be an additional capital outlay of $100,000 for each year. Compute the NPV, IRR, Payback for both projects and select the best project. Show your work.
Determine the tax consequences of the redemption to Tammy and to Broadbill under the following independent circumstances.
preston concrete is a major supplier of concrete to residential and commercial builders in the pacific northwest. the
Identify the principles of internal control: Culottis Oizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other employees m..
Variable administrative expenses are expected to be 3 percent of sales, and fixed administrative expenses should total $34,200 per quarter, exclusive of depreciation.
How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?
A factory worker earns $500 per week and will receive a $2,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. The combined amount of the accruals for bonus, vacation, and holiday pay in the weekly payroll would be:
Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..
1.mehta company traded a used welding machine cost 12510 accumulated depreciation 4170 for office equipment with an
mozena corporation has collected the following information after its first year of sales. sales were 1500000 on 100000
Heath Company has beginning inventory of 21,000 units and expected sales of 48,000 units. if the desired ending inventory is 15,500 units, how many units should be produced?
Explain the results from the four (4) scenarios. Be sure to discuss where you obtained your stock prices from and why you chose that source.
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