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In reviewing the December 31, 2011, inventory Schaefer discovered errors in its inventory-taking procedures that have caused inventories for the last 3 years to be incorrect. The company only discovered the issue after making the 2010 year-end entry to adjust inventory and cost of goods sold. The errors are as follows:
Prepare the journal entries necessary at December 31, 2010, to record the above corrections and changes.2. For each situation, indicate specifically how this error affected the financial statements and how the correction or adjustment would be presented in the 2010 financial statements.
Venture Company acquired patent rights on January 3, 2005, for$661,500. The patent has a useful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent in a lawsuit at a cost of $105,000.
the weighted-average cost of capital for forstone corporation is 12 percent. last year one of the divisions of forstone
using high-low to calculate fixed cost calculate the variable rate and construct a cost function pizza vesuvio makes
from the balance sheetcash............................................................. 30000
A private citizen makes an unrestricted pledge of $5 million to a city's museum. The city is confident that the donor will fulfill her pledge. However, the cash will not be received for at least two years. How will the amount of revenue reported i..
russell corporation sells three different models of mosquito zapper. model a12 sells for 50 and has variable costs of
ttf inc. which just began this year has the following information about jjl the only product that it produces and
company has the following information income tax rate 40 selling price per unit 7.50 variable cost per unit 2.50 total
Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on t..
midland chemical co. is negotiating a loan from manhattan bank and trust. the small chemical company needs to borrow
What should be the balance of the Discount on Notes Payable account on the books of Jefrey at January 1, 2005 after the first payment is made, assuming that the effective interest method is used?
in 2012 amirante corporation had pretax financial income of 233800 and taxable income of 193600. the difference is due
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