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During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Company’s balance sheet and income statement for the year ended December 31. For those boxes in which you must enter understatements or negative numbers use a minus sign.
Journalize the adjusting entries at July 31 on the books of Crane Video Company and what amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts?
If a company does not monitor notes payable for due dates and interest payment dates in relation to financial statement dates, what misstatements can appear in the financial statements?
on 1st april 2012 seminole company sold 21600 of its 11 percent 15-year 1000 face value bonds at 97. interest payment
Assuming the bond was originally issued at face value, did interest rates rise or decline after the date of issue? Would you have expected the market rate of interest on this bond to be more or less than 6.125 percent?
Rikki Company received proceeds of $188,000 on 10-year, 6% bonds issued on January 1, 2014. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31. Rikki uses the straight-line method of amortization. What is th..
Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder'..
Prepare the pro forma Balance Sheet and pro forma Income Statement. The EFR will be a plug number that makes the balance sheet balance like in the class example.
A review of Parrish Corporation's accounting records found that at a volume of 118,000 units, the variable and fixed cost per unit amounted to $8 and $3, respectively. On the basis of this information, what amount of total cost would Parrish anticipa..
Explain the difference between a cash basis and an accrual basis measure of performance. Does accrual basis net income provide a better measure of performance than net operating cash flow?
Century Company negotiated a lump-sum purchase of several assets from a contractor who was retiring.PLANT ASSETS AND DEPRECIATION METHODS PROBLEM
If the partnership agreement specifies salaries to partners, interest on partners' capital, and the remainder on a fixed ratio, and partnership net income is not sufficient to cover both salaries and interest,
Calculate the current and quick ratio at the end of each year. How has the company's short-term liquidity changed over this period? What do these calculations suggest about the company's performance?
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