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Question 1 - WalkerCo reported cost of goods sold of $1,420. Inventory at the beginning of the year was $333 and at the end of the year $373. The LIFO reserve at the beginning of the year was $218 and at the end of the year $192. Calculate the days' sales in inventory after including the adjustment for LIFO.
QUESTION 2 - In its financial statements KRJ reported (in $ thousands) net income of $200 and an effective tax rate of 30%. Total assets at the beginning of the year was $3,095 and at the end of the year $3,931. The LIFO reserve at the beginning of the year was $285 and at the end of the year $313. Calculate the return on assets after including the adjustment for LIFO.
Suppose a corporation issues 5,000 shares of $1 par common stock for $30 per share. In addition to the increase in cash, what effect does this transaction have on the accounting equation?
determine that the total estimated life should be 15 years with a salvage value of 4000 at the end of that time. Prepare the entry (if any) to correct the prior years depreciation.
What was the amount of Net Income?COGS was 40% of revenues. Operating expenses were 20% of revenues. Depreciation expenses were $25,548,382.
Record the impairment loss, if any, on December 31, 2018. Oriole realized that there was a declining demand for the product being produced.
MSc in Professional Accountancy (MPAcc) - Identify and evaluate arguments in favour of and against capital requirements for the banking industry. In so doing set your considerations against the backdrops of specific capital requirements - the cost-..
Purchased 40,000 shares of treasury stock on October 1, and issued 72,000 shares on November 1. The weighted average shares outstanding for the year is?
Choose which of the following governmental funds should be used for journal entries to record these listed transactions and then write the journal entries. Warrant Township issues a $750,000 bond at face value to be used for the construction costs of..
If A. ltd Co. entered into a contract with Pakistan leasing company to acquire the asset with down payment of Rs. 30,000, semi-annually payment of Rs. 50,000 and the lease term is 2 years. Then what is the amount of Minimum Lease Payment with respe..
Find the different number of ways where these 13 different bracelets are divided between the 3 sisters so that each sister gets an odd number of bracelets
The bonds are converted on December 31, 2020, when the unamortized discount is $36,600. Record the conversion using the book value approach
Self-employed individuals have a couple of option when it comes to retirement plans. One of these plans is, Solo 401(K) plan. This plan is suitable for individuals with no employees and substantial self-employment earned income; it is worth to note t..
Make the entry that is required to correct the prior years' depreciation, if any. (Credit account titles are automatically indented)
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