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Practice questions:
Rex Bendall starts an agricultural fencing business. Wellworth Fencing. with £50.000 capital which he has inherited.
On 1 June 1998 he opens a bank account for the business and pays in the capital into it. buys a lorry for £16.000. pays for insurance costing £1.400 and pays 3 months' rent on premises in advance of £4.500. On 2 June he purchases equipment for £5.400 and fencing materials from Timber Supplies for £850.
In addition he pays for advertising in the local press which costs £420. On 4 June he buys a further £120 of fencing materials from Timber Supplies on credit. Draw up the books of accounts.
Describe the financial statement impact of the investment in Stipple on Parena's 12/31/14 financial statements and describe the financial statement impact of the investment in Stipple on Parena's 12/31/14 financial statements.
What was the labor efficiency variance for the month and prepare a journal entry to record direct labor costs during the month, including the direct labor variances.
Tomba Corporation had 557,400 shares of common stock outstanding on January 1, 2014. On May 1, Tomba issued 34,200 shares. Compute the weighted-average number of shares outstanding if the 34,200 shares were issued for cash. Compute the weighted-avera..
Du Monde Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. The sa..
The inventory valuation method that identifies the invoice cost of each item in ending inventory to determine the cost assigned to that inventory is the:
The market price of Howell's common stock was $35 on August 1, 2010, and $38 on September 15, 2010. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?
During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and administrative expenses were $22,000.
On August 15, furniture was contributed to a qualified charitable organization. No other contributions were made or pledged during the year. Indicate how these items would be reported on the income statement of Hollerith Co.
What is the annual inventory cost of the current system in which product is produced, labeled, and packed in Malaysia before being shipped to the DC?
Pace Company owns 85% of the outstanding common stock of Sand Company and all the outstanding common stock of Star Company. Prepare in general journal form the work paper entries necessary to eliminate intercompany sales and intercompany profit in th..
In 2015, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is
In 2000 Ms. Ennis, a head of household, contributed $50,000 in exchange for 500 shares of Sets stock. Seta is a qualified small business. This year Ms. Ennis sold all 500 shares for $117,400.
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