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Explain the lower of cost or market method of evaluating inventory. Give an example of when LCM would be used. What is meant by the assertion that LCM is an example of the principle of conservatism? Explain.
Show how these transactions would be refiected on the NBA's financial statements, prepare a December 31, 2013, statement of financial position and statement of activities.
Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at December 31, Year 2 would be reduced by:
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54000 and the direct materials cost was $34000, the direct labor cost was:
The cahs equivalent price of the machine was $9,500. Smith Corp incurred and paid installation costs of $300. Prepare the journal entries to record tje acquisition of the machine
One of the cannons of a "Good" tax is EQUITY. What is meant by an "equitable" tax?
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Michael owns stock in an S corporation. The corporation sustained a net operating loss this year. Michael's pro rata share of the loss is $5,000.
Rolla Company was founded in 2010. It acquired $30,000 cash by issuing stock to investors and an additional $20,000 cash by borrowing from creditors. During 2010 it received $15,000 cash revenues and paid $22,000 in cash expenses.
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
The large trucks are expected to cost 600,000 and to have a four year useful life and a 60,000 salvage value. Calculate the present value index for each alternative.
Goofy reclassified this investment as trading securities in December of 2009 when the market value had risen to $125,000. What effect on 2009 income should be reported by Goofy for the Crazy Co. Shares?
Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months.
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