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At the beginning of accounting period AA had beginning inventory of $10,000. At the end of this accounting period, AA found that they have $20,000 as ending inventory. During this accounting period, Cost of Goods Sold was $45,000. How much is inventory turnover ratio?
Record the above transaction in journal entries
How would your answers to Parts a and b change if Beta, Chi, and Delta own 4%, 4%, and 92%, respectively, of the partnership? What tax year(s) can the partnership elect without IRS permission?
Assuming that all of Fibre Technologies' internal production costs are avoidable if the company purchases rather than makes the latch, what would be the net annual cost advantage to purchasing the latches?
On July 1 of the current calendar year, Plum Co. paid $8,500 cash for management services to be performed over a two-year period. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting ent..
ot-for-profits are required to classify assets into three categories, restricted, temporarily restricted and unrestricted. Explain why would this requirement exist for NFP organizations
Describe the defenses the company could maybe assert against this third party's lawsuit. Include in your explanation the applicability of these legal defenses to the facts of this particular case.
Prepare a Selling Budget. Prepare a Manufacturing Budget. Consider assumption 5 while completing this critical element: Each finished unit requires 0.50 hours of direct labor at a rate of $16 per hour.
You have invented a personal submarine that can operate at about 10-20 feet below the surface of the ocean or a lake. It has windows for viewing. Describe your strategy in one or two sentences that could be circulated to your employees and allies. 5...
A review of Bearing’s Year 2 records disclosed the following tax information: Wages $ 20,000 Taxable interest and qualifying dividends 4,000 Schedule C trucking business net income 32,000 Rental (loss) from residential property (35,000) Limited partn..
If A. ltd Co. entered into a contract with Pakistan leasing company to acquire the asset with down payment of Rs. 30,000, semi-annually payment of Rs. 50,000 and the lease term is 2 years. Then what is the amount of Minimum Lease Payment with respe..
Assume beginning and ending total assets of $70,000 and $120,000, respectively. Total liabilities increased by $10,000, and net income was $70,000. If no additional capital stock was issued, how much were the dividends?
Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000 was $720,000. Income taxes withheld were $225,000. Prepare the entry to ..
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