Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Denise's Boutique uses the perpetual inventory method for its wristlet purses. It has provided the following inventory information for October:
Oct. 1 On hand, 40 units @ $20 each $ 800 Oct. 8 Purchased 200 units @ $21 each 4,200 Oct. 14 Sold 190 units @ $50 each 9,500 Oct. 19 Purchased 100 units @ $27 each 2,700 Oct. 28 Sold 120 units @ $50 each 6,000
Denise's Boutique has a 30% effective income tax rate.
Problem A. How much is the cost of ending inventory at October 31 and the cost of goods sold for October using FIFO?
Problem B. How much is the cost of ending inventory at October 31 and the cost of goods sold for October using LIFO?
Problem C. How much will Denise's Boutique save in income taxes if it uses LIFO?
Problem D. Calculate Denise's Boutique's inventory-on-hand period under both LIFO and FIFO. Which method generates the 'better' inventory-on-hand' ratio?
On the first day of its fiscal year, Pedro Dynamite Co. issued $11,000,000 of the five-year, 9% bonds, semiannually. The bonds were issued at an effective rate of 12%, and received proceeds cash of $9,785,645. What would the first semi annul interest..
Compute the following amounts Autovalet reports in its annual accounts for x5: interest income, unearned franchise fee revenue at 31 December and supplies expense.
On November 30, the end of the current fiscal year, the following infor- mation is available to assist Caruso Company’s accountants in making adjusting entries: Caruso Company’s Supplies account shows a beginning balance of $2,350. Purchases during t..
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods - periodic inventory system.
Prepare the journal book, ledger book and trial balance. Anne decided to start a business by investing 200,000 in cash and 40,000 in notes payable.
Interpret relevant portions of the Uniform Commercial Code. Discuss and what kind or kinds of property would fall within this provision?
Pilot Corporation purchased land for $480,000. Later in the year, the company sold land with a book value of $288,000 for $328,000. How are the effects of these transactions reported on the statement of cash flows?
The Mason Company earned $113,000 of revenue on account during 2013. There was no beginning balance in the accounts receivable and allowance accounts. During 2013 Morgan collected $77,000 of cash from its receivables accounts. The company estimates t..
Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
A New Zealand company has a foreign denominated asset in United States dollars worth US$600,000 on the 1 July 2016. The US debtor is due to repay this debt to the New Zealand company over the next 12 months. Describe the risk exposure that the compan..
Describe the Purchase Cycle activities. What are the main activities in the purchasing cycle that an organisation should be aware of from a control perspective?
What is the TAX INCOME for a partnership based off the below Book Income Statement. The income statement (cash basis) per books for the first year
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd