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Johnson Corporation began 2016 with inventory of 29,000 units of its only product. The units cost $9 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2016: a. Purchased 145,000 additional units at a cost of $12 per unit. Terms of the purchases were 1/10, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b. shipping point and freight charges of $0.50 per unit were paid by Johnson. b. 2,900 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.50 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received. c. Sales for the year totaled 140,000 units at $18 per unit. d. On December 28, 2016, Johnson purchased 6,900 additional units at $12 each. The goods were shipped f.o.b. destination and arrived at Johnson's warehouse on January 4, 2017. e. 31,100 units were on hand at the end of 2016. Required: 1. Complete the below table to determine the ending inventory and cost of goods sold for 2016. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with a minus sign.) 2. Assuming that operating expenses other than those indicated in the above transactions amounted to $188,000, determine income before income taxes for 2016. (Do not round your intermediate calculations.)
Discuss briefly the broad responsibilities of the aforementioned parties and conclude with a 500 word overview of the alleged corporate governance failures that surrounded most of the financial failures
The company pays 50 percent of accountings payable in the month of purchase and the remaining 50 percent in the month subsequent purchase.
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1. baxter baeless bb now a california resident owns a 60 percent interest in the shiloh general partnership. the
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what will be her monthly payment to retire the mortgage in 15 years. Consider the 24th payment how much the intrest and the principle payments be?
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Straight-line amortization of a premium related to a bond issuance would result in which of the following?
Create a PowerPoint presentation for the potential new business owner that compares and contrasts the three main business forms and addresses advantages and disadvantages of each form
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