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Dugan Sales had the following transactions for jackets in 2013, its first year of operations: Jan 20 Purchased 80 units @ $15 = $1,200, Apr 21 Purchased 420 units @ $16= $6,720, Jul 25 Purchased 250 units @ $20 = $5,000, Sept 19 Purchased 150 units @ $22 = $3,300. During the year, Dugan sales sold 830 jackets for $40 each. a. Compute the amount of ending inventory Dugan would report on the balance sheet, assuming the following cash flow assumptions:
(1) FIFO, (2) LIFO, and (3) weighted average. b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. c. Compute the difference in gross margin between the FIFI and LIFO cost flow assumptions.
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2009, for $104,200. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, the amount of bond interest..
What form should Phil record these three activities? Prepare the entries to record the transactions - Obtained estimates on the cost of photography equipment from three different manufacturers.
On the Milan bourse, Fiat stock closed at EUR14.67 per share on Tuesday, February 26, 2008. Fiat trades as and ADR on the NYSE. One underlying Fiat share equals one ADR. On February 26, the $/EUR spot exchange rate was $1.4889/EUR1.00.
Indicate whether the lease would be classified as operating or capital under FASB Statement No. 13. Assume each scenario is independent and that Waldrop has not met any of the other requirements for capitalizing leases.
You are only required to enter the events as described in 2012; do not attempt to combine all 12 events into a single financial statement. Note that answers may require more or less than four T-accounts.
Novastar Corporation issued 2,000 of its 1,000, 10% ten-year bonds dated July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually.
it is the month of april for rand company a producer of gold and silver commemorative medallions. rand company has one
Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site number 101 as of September 30, 2011.
Prepare the journal entries for sales receivable
East Coase Cleaners borrows $10,000 for 90 days and pays $210 interest. What is the effective rate of interest if the loan is discounted?
Sales in 2011 were $3,450,000 less sales discounts of $51,000. Give the adjusting entry for estimated Bad Debt Expense under each of the following independent assumptions.
Pacifica estimates a 50 percent probibilty that seguros will be successful in meeting these goals and uses a 4 percent discount rate to represent the time value of money.
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