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The following data were taken from the income statements of Merlot Company.
2012
2011
Sales revenue
$6,420,000
$6,240,000
Beginning inventory
960,000
840,000
Purchases
4,840,000
4,661,000
Ending inventory
1,020,000
Compute for each year (a) the inventory turnover ratio and (b) days in inventory. What conclusions concerning the management of the inventory can be drawn from these data?
On 1 July 2010, Cherry Ltd acquired an item of plant for $31 864. On the same date, Cherry Ltd entered into a lease agreement with Hazel Ltd in relation to the assets. According to the lease agreement, Hazel Ltd agreed to pay $ 12 000 immediately,..
Firm M and firm N are related parties. For the past several years, Firms M's marginal tax rate has been 34%, Firm N's marginal tax rate has been 25%
the company purchased land with a building for 1250000. at the time of the purchase the fair value of the land was at
As one of the year-end audit procedures, the auditor instructed the client's personnel to prepare a confirmation request for a bank account that had been closed during the year. After the client's treasurer has signed the request, it was mailed by..
looking for income statement and balance sheet for the better usa inc. company for 2010 and 2011there are two sets of
Transport reveal these transactions and events.
They had a 5% stated rate of interest that was payable in cash on January 1 of each year beginning January 1, 2010. Based on this information alone, the amount of total liabilities appearing on the December 31, 2009 balance sheet would be:
Actual production in November was 3,100 units of Titactium. There was a favourable materials price variance of $380 and an unfavourable materials quantity variance of $120. Based on these variances, what could one assume?
During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventoy at year-end prices was $126,500, and the price index was 110. What is Ely Company gross profit?
P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method. This equipment was sold to a third party on January 1, 2011 for $1,440,000. What amount of gain should P Company record on its books in ..
A particle known as a pion lives for a short time before breaking apart into other particles. Suppose a pion is moving at a speed of 0.990c, and an observer who isstationary in a laboratory measures the pion's lifetime to be ? . What is the lif..
The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?
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