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Quince Inc. uses the periodic inventory costing system. The Quince ending merchandise inventory official count at December 31, 2017 totaled $120,000. However, the balance in the merchandise inventory general ledger account at December 31, 2017 was $125,000. What was the amount of the over-or-understatement for cost of goods sold and gross profit for 2017?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
If the fair rental value of the building is $30,000, what are the income tax consequences to the parties involved
In desperation, you go to your superior Janet Well the chief financial officer of the city, and ask her for guidance. She suggests you not worry about such a petty thing No one reads these reports anyway. What would you do?
the woodsburg co. maintains a debt-asset ratio of 0.40 and has a tax rate of 35 percent. the firm does not issue
What is the proper treatment of the rental income and expenses in each of the following cases. Use the Tax Court allocation method, if applicable. Case Rental Income Days Rented Personal Use
following is a set of situations that may or may not involve sampling.1.an auditor is examining loan receivables at a
ferguson metals is a decentralized mining smelting and metals company with three divisions mining lead and copper. the
Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31, 2013 and the details of the transactions that occurred during 2014.
Use the DuPont method of profitability analysis to explain changes in the operating-income-to-total assets ratios over the 2015-2017 period for each division.
equipment with a cost of 240000 has an estimated salvage value of 15000 and an estimated life of 4 years or 15000
four flags is a retail department store. on january 1 2011 four flags accountants used the following data to develop
Zopf Company sells its bonds at a premium and applies the effective-interest method in amortizing the premium. Will the annual interest expense increase or decrease over the life of the bonds? Explain.
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