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In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Use accounts:
Finished Goods Inventory
Raw Materials Inventory
Work in Process Inventory
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
American leases various types of equipment and property, primarily aircraft and airport facilities. The future minimum lease payments required under capital leases
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
Jon Johnson an accountant with local CPA firm, has just completed an inventory count for Mom & Pop's Groceries. Mom and Pop provide audited financial statements to their bank annually, and part of that audit requires an inventory count.
What is the highest price that you would be willing to pay for an insurance policy that fully insures you in the event that your house burns down?
A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
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