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Nikita Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2008, is understated by $56,000, and inventory on December 31, 2009, is overstated by $25,000.
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They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
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the following statement is an excerpt from asc-270-10-45-1-2 paragraphs 9 and 10 of abp opinion no. 28 interim
For Bobby Company, sales is $1,000,000 (5,000 units), fixed expenses are $300,000, and the contribution margin per unit is $80. What is the margin of safety in dollars?
The cost recovery method was chosen.
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