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X Ltd. Of Kaula Lumpur consigned 100 cases of goods to Mr. Y in penang. The consignment account appeared in the ledger ofX Ltd. Was shown below
Cases
$
Goods on consignment
100
7,000
Bank- carriage
400
- Return
5
350
Bank- insurance
200
Consignee -sale
60
10,000
Bill receivable
Stock c/d
?
-Discount charge
25
Consignee
-warehouse charge
190
-selling expenses
120
-commission
500
-bad debts
65
What is the value of unsold stock?
The total cost of a fleet of lorries is $ 180,00 and theresidual value after five years is $20,00. Using thediminishing balance method find the rate of annualdepreciation?
A company has opening balance of $ 10, 00,000 in its fixed asstsaccount. Accumulated depreciation was $6, 00,000. There was anaddition of fixed assets of $5, 00,000 at the beginning of yearwhile there was no sale of fixed asset. Prepare fixed assetsschedule if the depreciation is charged for the year @15% onoriginal cost
The average market price of Caruso's common stock was $25 during 2008. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
On march 2, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident alien) on January 18. Identify any potential problems for ..
The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was $10,500 unfavorable, and the stand..
Smith Corporation is preparing its December 31, 2009, balance sheet. The following items may be reported as either a current or long-term liability.
When a note payable us issued for property, goods and services, the present value of the note is measured by:
Under SFAS 52, when the current rate method is used, how are translation adjustments treated in the consolidated financial statements?
Epic Company earned a net income of $900,000 this year. The number of common shares outstanding during the entire year was 400,000,and preferred shareholders received a $20,000 cash dividend. Compute Epic Company's basic earnings per share.
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.
The copyright's value in use is $1,850,000 and the selling costs are $100,000. Assume that Venetian Corp. will continue to use this copyright in the future. As at December 31, 2010, the copyright is estimated to have a remaining useful life of 10 ..
The president of Jackson Corporation will not receive a bonus next year unless the company's profits are at least $435,000. Jackson sells a single product at a price of $27 per unit. If variable costs are $12 per unit and fixed costs total $150,00..
A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a :
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