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Yukon Co. purchased 75% percent of the voting common stock of Ontario Corp. on January 1, 2006. During the year, Yukon made sales of inventory to Ontario. The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is :
a) $15,000
b) $20,000
c) $32,500
d) $30,000
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
Determine the actual and standard variable cost per bag of dog food produced, separated into direct materials. direct labor, and variable overhead.
The auditor gives an audit opinion on the fair presentatation of the financial statements and associates his or her name with it when, on the basis of adequate evidence, the auditor concludes that the financial statements are unlikely to mislead:
The accountant for the Orion Sales Company is preparing the income statement for 2007 and the balance sheet at December 31, 2007. Orion uses the periodic inventory system. The January 1, 2007 merchandise inventory balance will appear:
Several years ago, Joy acquired a passive activity. Until 2004, the activity was profitable. Joy's at-risk amount at the beginning of 2004 was $300,000. The activity produced losses of $80,000 in 2004, $50,000 in 2005, and $70,000 in 2006; it prod..
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
Which of the following industries would most likely have joint costs in production?
PIAB Enterprises has identified the following as having an impact on the company's quality costs:
Doris Co. is considering purchasing a new machine which will cost $200,000, but which will decrease cash expenses each year by $20,000. The useful life of the machine is 10 years.
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
Discuss why a company might use an annual period rather than a weekly or monthly period to compute budgeted indirect-cost rates.
Winfrey Co.'s March 31 inventory of raw materials is $ 150,0000. Raw materials purchases in April are $ 400,000, and factory payroll cost in April $220,000.
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