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effect of different inventory cost flow on financial statements. The company records of the books Phography, Inc.. Reflected the following balances as of January 1,2012.
Cash 19,00Beginning inventory 6,750 (75 unit @$90)Retained Earnings ending 18,250The fallowing five transactions occurred in 20121. First purchase (Cash) 100 unit @ $922. Second purchase (cash) 175 units @ $1003. Sales all cash 300 units @ $1704. Paid 15000 cash for operation expenses.5. Paid for income tax a the rate of 30% of income before taxes.
Required
a. Compute the cost of goods sold and ending inventory, assume (1) is LIFO, LIFO cost flow (2) LIFO cost flow. And (3) weighted average. Record the event under account equation before preparing the stamens
A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.0 million. what will be the accounting entry?
In 2011,Bodily Corporation reported $300,000 pretax accounting income.The income tax rate that year was 30%.Bodily had an unused $120,000 net operating loss carry forward from 2009 when the tax payable rate was 40%. Bodily income tax payable for 2..
Choose a public company in the food industry. Analyze the financial statements and assess whether the financial performance has improved or declined year-over-year. A presentation of 5-10 powerpoint slides that include the following:
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For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.
Plan A: MRE offers to let Axel pay $55,000 each year for five years. The payments include interest at 12% per year. Plan B: Westernhome will let Axel make a single payment of $425,000 at the end of five years. This payment includes both principal and..
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan."
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
In its most recent financial statements, Newhouse Inc. reported 450 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year? Ass..
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