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Central Incorporated has two items in inventory as of December 31, 2011. Each item was purchased for $40. Company management chose to write down Item # 1 $28, which at year end was assessed to be its market value. Management did not write down Item #2 because its market value was estimated to be greater than $40. During 2012, each item was sold for $50 cash.
a. Prepare journal entries for each activity (ie., the write-down, the sale of Item #1, and the sale of Item #2).
b. Compute the profit or loss associated with each item in 2011 and 2012.
c. Explain how management could manipulate reported earnings when applying the lower-of-cost-or-market rule.
Mary is buying several items that cost $128.25 total. She is using a store coupon for 35% off her purchases. She has to pay 4% sales tax. Calculate the total cost of the items.
equipment transaction and cash flow reporting dec. 31 19x4 dec. 31 19x3 land 94000 94000 equipment 652000 527000 less
fosson furniture uses a process cost system to account for its chair factory. beginning inventory consisted of 5000
The yield to maturity on the company's outstanding bonds is 9 percent, and its tax rate is 40 percent. Percy's CFO estimates that the company's WACC is 9.96 percent. What is Percy's cost of common equity?
a machine costs 400000 and is expected to yield an after-tax net income of 9000 each year. management predicts this
Instructions: Answer all three questions adequately
lets say that a company produces a single product with a sale price of 25 per unit. the variable cost per unit is 15
A local bank reported that it lost $150,000 as the result of employee fraud. Doug Steeber is not clear on what is meant by "employee fraud." Explain the meaning of fraud to Doug and give an example of fraud that might occur at a bank.
the plant asset and accumulated depreciation accounts of pell corporation had the following balances at december 31
a company makes wheels which it uses in the production of childrens wagons. the companys costs to produce 260000 wheels
the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.
refer to the above data. windsor uses the balance sheet approach in estimating uncollectible accounts expense and aging
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