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Compute trend percents for the following accounts, using 2011 as the base year (round the percents to whole numbers). State whether the situation as revealed by the trends appears to be favorable or unfavorable for each account.
2015 2014 2013 2012 2011
sales................................... $282,880 $ 270,800 $282,600 $234,560 $150.000
cost of goods sold 128,200 122,080 115,280 106,440 67,000
Accounts receivablle 18,100 17,300 16,400 15,200 9,000
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
Discuss the reasons why the FASB and the IASB are seeking to converge and improve their respective conceptual frameworks and why the project will to take a long time to complete.
Prepare a bank reconciliation at July 31, 2007 and Journalize the adjusting entries at July 31 on the books of DeVries Company.
Illustrate what amount of gain or loss does Michelle recognize in the complete liquidation and what is her tax basis in the building and land after the complete liquidation?
Ace Corp. purchased merchandise during 2014 on credit for $500,000; terms 2/10, n/30. (b) All of the gross liability except $88,000 was paid within the discount period.
Analyze the accounting needs for the business combination technique you selected. Prepare related financial statements for the date of acquisition.
Suppose 20 years ago your mother deposited 2,500 in an account earning 12%. After 10 years she withdrew 1000. Obtain today’s value assuming monthly compounding.
Using T accounts enter the beginning balances in the ledger accounts and post the April transactions and Tot. trial balance $8,254. Gross profit $463
In 2011, Julia is single and earns a salary of $65,000. Her allowable deductions for adjusted gross income total $1,200 and she has $4,200 of allowable itemized deductions. What is Julia’s taxable income?
As of December 31, 2010 total assets were $8,000, total liabilities were $3,500 and contributed capital was $1,500. The only other component of equity as of 12/31/10 was retained earnings.
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
Which of the following is a relevant assertion level risk?
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