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Question 1: Gretta Cat Co. (GCC) has assets at January 1, 20X4, which consist of $8,000 in inventory. It did not have any liabilities at that date. During the year ended December 31, 20X4, GCC sold the inventory for $10,000 cash and distributed $1,000 to the owners by way of dividends. GCC replaced the inventory on December 31, 20X4, at a cost of $8,300. It did not have any other transactions during the year. The inflation rate during 20X4 was 5%. How much profit did GCC make according to the physical (productive capacity) concept of capital maintenance?
You purchased a new sound system that costs 2,500. You signed a six month 10% installment note payable for the cost of the sound system. The sound system has an estimated useful life of 5 years the residual salvage value is 100. Write a journal entry..
Create a value chain for the timber and timber products industry, beginning with the growing of timber and ending with the retailing of timber and paper products.
On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $5,700 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $99, terms n/30, was received by Chester on June 8 from John Booth Transport Service for ..
Bank employees use a system known as the maker-checker system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. Identify the principles of internal control inherent in the maker-che..
Eclipse Computer Company has been purchasing carrying cases for its portable computers at a delivered cost of $65 per unit. the company which is currently operating below full capacity charges factory overhead to production at the rate of 40% of dire..
Evaluate the assumptions and analysis - What specific flaws do you see
A company just began business and made the following four inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending in..
The trial balance: The general journal entry to record the purchase of an asset on account would include: If Cash has been debited, it is possible that:
on january 1 2010 sycamore co. issued 7 5 year bonds with a face amount of 5 million dollars. the market yield for
Evaluate the total deferred tax asset and deferred tax liability amounts at December 31, 2009 and evaluatethe increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2009.
City and County of Denver Proprietary Funds. Does the City and County of Denver report any internal service funds? If so, identify the internal service funds found in its financial statements and the primary purpose of each one. Was the Central Servi..
Provide the journal entries to account for tax in accordance with AASB 112 - Prepare the consolidated statement of financial position for the above entities as at 30 June 2015.
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