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You are asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your clients. You arrive on Thursday, December 30, and find that the inventory procedures have just been started. You spot a railway car on the sidetrack at the unloading door and ask the warehouse superintendent, Buck Rogers, how he plans to inventory the contents of the car. He responds, “We are not going to include the contents in the inventory.” Later in the day, you ask the bookkeeper for the invoice on the carload and the related freight bill. The invoice lists the various items, prices, and extensions of the goods in the car. You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper affirms the fact that this invoice is to be held for recording in January. Instructions (a) Does your client have a liability that should be recorded at December 31? Discuss.
(b) Prepare a journal entry(ies), if required, to reflect any accounting adjustment required. Assume a perpetual inventory system is used by your client.
(c) For what possible reason(s) might your client wish to postpone recording the transaction?
Bank-Reconciliation-Statement - Purpose a bank reconciliation for December, 2009.
Journalizing the admission of new partner under differ methods - Journalize the admission of New under each of the following independent assumptions. New invests $20,000 for a 30% ownership interest in CarmCo.
Preparation of journal entries to record issue of shares and dividend and Prepare journal entries to record the above transactions.
Define distributions to owners and provide examples of this type of transaction. Illustrate what financial statement element other than equity is typically affected by distributions?
Prepare the entry to record the conversion on October 1, 2011. Assume that the entry to record amortization of the bond premium and interest payment has been made.
If taxable amounts related to the temporary difference are scheduled to be reversed by $300,000 for both 2011 and 2012, Meyers should increase or decrease deferred tax liability by what amount?
Determine the rate and efficiency variances for the variable overhead item power cost and point out whether those variances are unfavorable or favorable.
Prepare any journal entries (if necessary) that would be required related to the Note Receivable at end of 2009, 2010, 2011, and 2012. Assume that $100,000 is received from ColdPlay Co. on 12/31/2013. Prepare all necessary journal entries for 2013.
How much warranty expense is reported for January 2011? What is balance of the Estimated Warranty Liability account as of December 31, 2010?
No new working capital would be required. Revenues and other operating costs are expected to be constant over the project’s three-year life. Illustrate what is the project’s NPV?
Which of the subsequent situations is not need in order to use the completed-production technique of revenue recognition?
Expected revenues and expenses for the first year of operations
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