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The final capital for Paul's business for the year ended 30th June 2005 was $90, 000. During the trading period he made a loss of $5000 and the additional investment of $46, 000 and drawings of $5, 100. Calculate the initial capital.
Assume you are working on a complex consolidation team assigned to apply the equity method of accounting. You have reached an impassable dispute with another team member working on this project relating to the proper way to apply the equity method of..
Both non-deductible contributions to a traditional IRA and contributions to a Roth IRA are similar in the sense that neither provides a tax deduction at the date of contribution. Which of the two types would be most advantageous to taxpayers and why?
mondesto company has the subsequentunsecured creditors 243000liabilities with priority 123000secured liabilitiesdebt 1
Boggs contributed land with a fair market value of $22,000 and an adjusted basis of $40,000 in return for 12 shares of Y&B Company stock and 10 $1,000 bonds. Lyle performed legal and accounting work during the incorporation process in return for ..
Prepare all necessary journal entries including closing the books. on Feb. Company A issued a note for $12,000 which pays a 6% interest rate. In July sold an inventory costing 15,000 for 50,000 on account.
Compute the cost of the ending inventory and the cost of goods sold under: Average Cost Ending inventory. Average Cost Cost of goods sold. Which costing method gives the highest ending inventory?
Pearson Corporation having recently issued a $25 million, 10-year bond issues, is required to make annual year-end sinking fund deposits of $ 1,800,000. The deposits are made on the last of each year and yield a return of 5%. Compute the fund balance..
Dog's Best Friend manufactures dog food. During the month, it manufactured 3,000 bags of kibble, using 0.25 hour of direct labor per bag at a rate of $9.00 per hour. The materials and labor standards for manufacturing the bags of kibble are: Determin..
Joe borrowed RM15,000 at 14 percent annual rate of interest to be repaid over three years. The loan is amortized into three equal annual end-of-year payments. a. Calculate the annual end-of-year loan payment. b. Prepare a loan amortization schedule, ..
Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (15 points) and (2) provide an example of the impact that this method of inventory valuation will h..
Logitech Corporation transferred $105,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%.
Morton Company’s variable manufacturing overhead should be $4.50 per standard direct labor-hour and fixed manufacturing should be $270,000 per year. Assume that the company chooses 30,000 direct labor-hours as the denominator level of activity. Compu..
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