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Question - Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1 Beginning Inventory 21 units @ $25
Sep. 5 Sale 12 units
Sep. 17 Purchase 23 units @ $27
Sep. 30 Sale 22 units
Assuming a perpetual inventory system and the first-in, first-out method:
a. Determine the cost of the goods sold for the September 30 sale.
b. Determine the inventory on September 30.
Prepare the appropriate journal entries on Jan 1, 2015 and December 31, 2015 to record the above transactions
In addition, the company issues additional common stock for $5,000. Prepare the statement of stockholders' equity at the end of the year (December 31).
At December 31, management determined that the net realizable value of accounts receivable was $304,000. What was the amount of Bad Debt Expense for the year
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Locate an article online describing a current event in the accounting or auditing profession. Topics might include, for example, articles describing recent.
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