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Ely company had January 1 inventoy of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventoy at year-end prices was $126,500, and the price index was 110. What is Ely Company gross profit?
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capital balance after closing Income Summary to Capita..
Suppose the National Bank of Commerce has excess reserves of $12,000 and outstanding checkable deposits of $150,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
The county then will make yearly lease payments (of principal and interest) to repay the obligation. Unlike conventional municipal bonds, the lease payments are not binding obligations on the county and, therefore, require no voter approval.
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
One of your clients was to form a new business. He spoke to his lawyer and was advised to check with CPA to determine the business form of organization.
The Tyson Company has provided the following information: Using the high-low method, calculate the total fixed factory overhead cost and the variable factory overhead cost per direct labor hour.
What are the differences between accrual and cash basis accounting? Why is cash accounting not appropriate for financial reporting?
The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
What auditing failures evident in the failure of Enron and how would these failures have contributed to the overall collapse of the company?
In 2011, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the la..
BC Company uses a job order cost accounting system. During the month of April, the following events occurred:
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