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The Motor Vehicle Repair Fund of Laramee County provides centralized repair for county-owned vehicles. For the following summarized transactions and events for the year ended June 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate. 1) The Motor Vehicle Repair Fund ordered supplies at an estimated cost of $92,000. 2) The supplies ordered in (1) above were received at invoice costs of $91,400; these invoices were approved for payment. 3) Supplies costing $800 were used to repair a police car, and the Motor Vehicle Repair Fund billed to the General Fund at a mark-up of 20 percent on cost. 4) Expenses paid in cash during the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200.
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Make journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases
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A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Describe the discrepancy between Diamond Foods, Inc.'s description of payments to walnut growers and what the farmers themselves say the payments are for
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because
Classify the controls that you just identified above as either preventive, detective, or corrective controls. How does the matter of accountability (tracing transactions to specific agencies) affect the problem?
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
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