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You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
Additional information needed for bank reconciliation preparation follows:
Check #125 was recorded for $585 but cleared the bank as $600.
Identify items of cash (and cash equivalents), understand the importance of cash management, and discuss revenue recognition when the right of return exists.
Prepare an income statement in proper format in 2011 and prepare a retained earnings statement in proper format in 2011
Studios reported a net capital loss of $30,000 in year 5. It reported net capital gains of $14,000 in year 4 and $27,000 in year 6. What is the amount and nature of the book-tax difference in year 6 related to the net capital carryover?
It is estimated that the company will earn $800,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 30% and has 90,000 shares of common stock outstanding prior to the new financing. Determine the ..
Evaluate the unit product cost for each month using the absorption, variable and throughput costing approaches. Purpose an income statement for November using the variable costing approach
Would a merger or acquisition affect Mr. Jones’ ability to change Smithon’s fiscal year-end to a calendar year-end? Could Smithon be converted to an S corporation?
Calculation of product cost and breakeven point - Evaluate the product cost of training a student over the entire course (there are 75 students in this particular course)?
If the firms effective interest rate is 15% per year and the life of the software is four year, what annual savings in shipping expenses mush there be to justify the purchase if the software
What if the balance sheet shows negative retained earnings? Where might you look to find out what caused that to happen? Would it be something that would concern you?
Compute the cost of civilian and military versions of Model KV10 using both direct labor dollars and machine hours as alternative allocation bases. Explain why Pelton Instruments may decide to use direct labor as an overhead allocation base.
Describing the audit but not revealing the type of opinion Mason Gave. Describing the audit and the opinion and naming Mason as the predecessor auditor.
Selected balance sheet and income statement data for Green Tea, Inc., for the year ended December 31, 2011 are below. Illustrate what is the company’s times interest earned ratio?
Calculate unit cost for the month for materials, labor, and factory overhead. Units completed and transferred to stock.
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