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Problem - Gross Profit Method
Zidek Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $92,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 33?% above cost and totaled $120,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed.
(a) Compute the cost of goods destroyed.
(b) Compute the cost of goods destroyed, assuming that the gross profit is 33?% of sales.
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for dilutive securities, stock-based compensation, and earnings per share.
Prepare the appropriate journal entries for the above transactions for Crane Corporation.
Whip, Inc., is a calendar year S Corporation. Whip's book income this year totals $90,000. Whip is owned equally by three shareholders. From supplemental data, you obtain the following information about items that are included in book income.
Dorothy Gale, a quality-control supervisor for Wizard Products, Inc., is concerned about unit labor cost increases for the assembly of electrical snap-action switches. Costs have increased from $80 to $100 per unit over the previous 3 years. Gale ..
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Prepare a trial balance using today's date. What were the revenues and how much cash was received from the revenues?
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