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The Star Exploration Agency, a unit of the Space Department, was established by Congress to being operations at the beginning of fiscal year 2014. Following are the agency's transactions during October, its first month of operations: October 1 Congress passed and the president approved a $1,000,000 appropriation for this agency. October 1 Of the amount appropriated, $950,000 was apportioned by the OMB. October 1 The Space Department allotted the agency $100,000 to carry out its October operations. October 1 Purchase requests were made for materials and supplies, estimated to cost $88,000. October 4 Purchase orders were placed for materials and supplies, estimated to cost $85,000. The other requests (for $3,000) were cancelled. October 10 Materials and supplies previously ordered were received, together with invoices for $80,000. All items received were placed inventory. The remaining items (for $5,000) will be received at a later date. October 14 A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $80,000. October 24 The Treasury informed the agency that it had paid invoices amounting to $76,000. October 31 An inventory count showed that $15,000 of materials and supplies were on hand. The rest was used in operations. Use the preceding information to do the following: a. Prepare journal entries to record the events of October. b. Prepare a preclosing trial balance. c. Prepare the following month-end statements: 1. Balance sheet 2. Statement of net costs 3. Statement of changes in net position 4. Statement of budgetary resources
How many different kinds of inventory items does S&S sell and how many sales were made during October
from the first e-activity the article indicates approximately 90 of the companies in the study were sensitive to the
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008.
units work in process june 1 20 complete 4000 started in june 32000 work in progress june 30 30 complete 12000
s company reported net income for 2011 in the amount of 460000. the companys financial statements also included the
Record the transactions on page 8 of a general journal. You can Omit descriptions. You can use any General Journal template or the one attached.
the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.
variable costing versus absorption costing. the mavis company uses an absorption-costing system based on standard
berkley company a manufacturer of many different products changed its inventory method from fifo to lifo. the lifo
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Based on your readings, do you agree with the notion of value costing for the 21st Century organizations. Why or Why Not?
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