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You should have located these statements for previous assessment problems. Use these statements and your prior knowledge of accounting, supplemented by textbooks or other references of your choosing, to answer the following questions:
1. The company must use the lower of cost or market method to account for its inventory. At the end of the fiscal year 2012, do you expect the company to write its inventory down to replacement cost or net realizable value? Explain your answer. You may need to consult an intermediate accounting textbook or an Internet source.
2. What method does the company use to determine the cost of inventory for fiscal year 2012?
3. If the company overstated ending inventory by $10 million for the fiscal year ended 2012, what would be the corrected value for income before income taxes for that year?
4. Compute the inventory turnover ratio for the fiscal year 2012. Also compute it for the fiscal year 2011. What conclusions can you make?
the spivak company was involved in the following treasury stock transactions during 2011a. purchased 80000 shares of
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.
Would a labor hiring and training plan be more important in a university that is hiring faculty members, or a municipal government office that hires casual workers to do unskilled work? Why?
In ____ lease, you must pay any difference between the projected residual value of the vehicle and its actual market value at the end of the lease period.
question paul company had 112000 shares of general stock outstanding during 2013.paul also had 10000 share of
Assuming that the equipment had been sold on January 2, 2008, for $100,000 instead of $95,000, journalize the entry to record the sale.
Evaluate the total overhead applied to production during May. Determine the cost of the ending work in process inventory. Evaluate the cost of jobs completed during May. Calculate the cost of goods sold for the year ended May 31.
Aspen Mining and Milling, Inc. contracted with Raoul Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2014. Aspen paid for the lathe by issuing a $600,000, 3-year note that specified 2% in..
Lose Big Inc., a U.S. company, is a defendant in a lawsuit alleging infringement of certain patent rights. However, the ultimate outcome of the litigation cannot be reasonably estimated by management. Janice Jones, CPA, believes there is a reasonable..
What are two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?
Compute the EUP for direct material,direct labor, and overhead using weighted average process costing. Compute the EUP for direct material, direct labor, and overhead using FIFO process costing.
Prepare the two journals to record the allocation of profit as at 30th June 2014, using Method 2 and prepare the Retained Earnings account for John as at 30th June 2014.
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