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Hugo Reyes Company had the following account balances at year-end: Cost of goods sold $70,040; Merchandise inventory $22,410; Operating expenses $29,790; Sales $119,827; Sales discounts $1,580; and Sales returns and allowances $1,910. A physical count of inventory determines that merchandise inventory on hand is $14,960. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count. b) Prepare closing entries. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
The authorized stock of a corporation: a. only reflects the initial capital needs of the company. b. is indicated in its by-laws. c. must be recorded in a formal accounting entry. d. is indicated in its charter.
explain some of the risks associated with information assets it. consider issues such as security and protection of the
If correct working paper eliminations are prepared for Passey Corporation and subsidiary on November 30, 2007, the end of the fiscal year, Passey's net income to be included in consolidated net income is (disregarding income taxes):
A transfer price of $13 per unit is established, and 50,000 units of material are transferred with no reduction in Division 6'scurrent sales. How much would Division 3's income from operations increase?
madlem inc. produces and sells a single product whose selling price is 240.00 per unit and whose variable expense is
joiner company issued bonds with a 100000 face value on january 1 2013. the five-year term bonds were issued at 97 and
bender guitar corporation a manufacturer of custom electric guitars is contemplating a 1000000 investment in a new
lewis industries adopted a defined benefit pension plan on january 1 2013. by making the provisions of the plan
Morgan Entertainment has a levered beta of 1.20. The firm's capital structure consists of 40% debt and 60% equity and it has a corporate tax rate of 40%. What is Morgan's unlevered beta?
Market conditions are such that sales made internally or externally will not affect market or transfer prices. Intermediate markets will always be available for Bayside, Cole, and Diamond to purchase their manufacturing needs or sell their product..
aaa lock manufacturing co. makes and sells several models of locks. the cost records for the zforce lock show that
CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct.
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