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1.In 2013, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2012 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2013 is $162,000 using the new FIFO method but would have been $151,000 if the company had continued to use LIFO. Describe the steps Hopyard should take to report this change. What is the effect of the change on 2013 cost of goods sold?
janus products inc. is a merchandising company that sells binders paper and other school supplies. the company is
primm company produces a product that requires four standard gallons per unit. the standard price is 24.50 per gallon.
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.
briefly explain the concept behind inventory turnover and how management uses it to measure their performance in
They saved their money and bought a lake lot as tenants by the entirety. Deborah failed to pay the loans she took out from Savings Bank prior to her marriage to pay for college. The bank claimed the duplex, the lake lot and their savings. Discuss ..
1. on february 15 seacroft buys 7000 shares of kebo common stock at 28.53 per share plus a brokerage fee of 400. the
Ellis sold all of the Hiller stock for $17 per share on December 3, 2008, incurring $14,000 in brokerage commissions. What should Ellis Company should report a realized gain on the sale of stock in 2008?
kelley company reports 960000 of net income for 2013 and declares 120000 of cash dividends on its preferred stock for
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
Identify the four basic financial statements. Describe the purpose of each of the four financial statements.
the following costs are included in a recent summary of data for a company advertising expense 85000 depreciation
A small business owner holds $4,000 in cash; $1,200 in materials; $10,000 in land and $32,000 in plant and equipment. His accounts payable total $9,000 and he has an outstanding bank loan totaling $18,800. what is the owners equity?
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