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Problem - The Showroom Manufacturing Company indicated the following inventories in its return statement of financial position:
For the year ended
2012
2011
Raw Materials
P33,700
P36,500
Work In Process
74,450
83,750
Finished Goods
21,900
25,450
Additional information for the year 2009 shows that:
Sales P280,000
Direct labor 45,000
Total manufacturing costs incurred 241,300
Raw material purchases 50,000
Operating expenses 14,600
Required - Compute for the cost of direct materials used, cost of goods manufacturing cost of goods sold, and the net income for 2012.
Which would be disclosed in the summary of significant accounting policies disclosure note? Composition of Long-term debt or Depreciation Method
This year, Barney and Betty sold their home (sales price $750,000; cost $200,000). All closing costs were paid by the buyer. Barney and Betty owned and lived in their home for 18 months. How much of the gain is included in gross income?
Provide information on the CPP related boxes that must be completed, including how any amounts are calculated, for employees who turn 18 during the year
Head Donuts Inc. is a retailer of designer headphones, earphones, and hands-free audio devices. Is Lucas behaving in an ethical and professional manner
Total assets were $24,000 and total liabilities were $13,500 at the beginning of the year. Net income for the year was $4,000, and dividends of $1,500 were declared and paid during the year. Calculate total stockholders' equity at the end of the year..
In January 2020, Felter, Inc. acquired a 40% interest in Bradly, Inc. for $250,000, Prepare Felter's 2020 journal entries related to its investment in Bradly.
Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement. Gain on sale of equipment, Interest income and General and admin expenses.
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Assume the firm records adjusting entries at the end of each month. Prepare the entries that would be recorded at the end of January 2017.
What are the essentials of effective budgeting for a company or division within a company? What is the importance of the role budgeting plays? What responsibilities does management have in budgeting?
The following information is provided, How much of the 2019 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?
Pharoah Limited reports profit of $490,000 and its weighted average number of common shares is 240,000. Calculate earnings per share
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