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Mr. At Risk owns a food processing business, he needs 1,000 tons of flour in three months' time. He is worried that the price of flour may increase and wants to hedge against price increases of flour. He can not locate a forward contract, future contract or option for flour. Mr. Risk decides to enter into an contract to buy 25,000 bushels of wheat. The option expires May 1, 2014. Further, Mr. Risk finds out the following:
On January 1, 2011, Miller changed to the straight-line method of depreciation. The estimated useful life has not changed. Miller can justify the change. What should be the depreciation expense on this machine for the year ended December 31, 2011?
Alpine uses the Lifo method of inventory in conjunction with the lower-of-cost or market methods. Additional information states that teh value of the total cabinet inventory was still above costs.
Prepare an income statement, a retained earnings statement, and a balance sheet as of December 31, 2010.
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
You are preparing taxes for Tim, a business investor, and must calculate his adjusted gross income. Tim invested $10,000 in a business (only slightly less than the other investors) but is claiming a loss of $24,000.
Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
What are the typical outputs of an Accounting Information Systems? Why do system analysts begin by designing the outputs instead of system inputs?
A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810? This item would be included on the bank reconciliation as?
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
What is the effect of the errors on 2009 net income before taxes?
Calculate and write in general journal format any entries for accounts needing adjustment. Calculate and write in general journal format closing entries and post to "T" accounts. Complete an Income Statement and Balance Sheet for month end.
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