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A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be:
A. $65
B. $60
C. $75
D. $50
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
Custom, canned, and modified canned software all have advantages and disadvantages. In this age of increasing computerization, which do you feel will become predominant? Will any of methods be phased out? Does your response vary depending on the t..
1) explain how goodwill is tested for impairment for a reporting unit. 2) determine the amount, if any, of impairment loss to be recognized at december 31, 2008.
Oaks Edge Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance?
Compute the gain or loss Howard must recognize on the distribution? Calculate Howard's basis in the stock he received in the distribution?
Under what conditions is an accrual-basis-tax-payer allowed to defer reporting amounts received in the advance payments received for services?
Define three classifications within other comprehensive income and give an example of each.
How do the provisions of SFAS No. 123(R) differ from the bill introduced by members of Congress (Dreier and Eshoo), which would require expensing for options issued to only the top five officers in a company? Which approach do you think would res..
In addition, Dan reported $5,000 in long-term capital gains from the sale of a stock and $3,000 of income from another real estate partnership. What is Dan's tax basis in XYZ, LP?
The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:
A cash basis calendar year C corporation in Athens, Georgia, had $100,000 of accounts receivable on the date of its conversion to an S corporation on February 14. By the end of the year, $60,000 of these receivables had been collected. Calculate a..
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
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