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In reviewing the accounts of Fisher Company in 2006 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:
In 2004 the ending inventory was understated by $3,000. You also find that the company failed to accrue depreciation expense of $800 in 2004. You also find that an insurance premium of $7,200 was prepaid in 2004 covering the years 2004, 2005, and 2006. The prepayment was recorded with a debit to insurance expense.
attached is an inventory cost test.nbspattachment- inventory cost test
cooper training services cts provides instruction on the use of computer software for the employees of its corportate
grunewald company manufacturers a professional grade vacuum cleaner and began operations in 2011. for 2011 grunewald
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
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assume that you have been offered cash discounts on merchandise that can be purchased from either of two suppliers.
What is the purpose of closing the books? After closing, what is the amount of owner's equity that will be reported on the balance sheet?
having issues with this question. if someone could show the working out so i coul dbetter understand it would be
1 - in a just-in-time jit environment process problems are more visible than they are in a traditional environment
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