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Gould's Company, which furnishes a single product, use the perpetual inventory method. At the end of each accounting period, a physical inventory is taken to verify the perpetual inventory records. For its most recent accounting period, Gould's records showed beginning inventory of 673 units; goods added to finished goods inventory during the period, 5,700 units; and sales during the period of 5,800 units. Finally, during the period, 80 units in resalable condition were returned by Gould's customers. The unit cost was $15 throughout the period.
a. Assuming Gould's sells this item for $23 per unit, prepare summary journal entries for the period's purchases, sales, and sales returns.
b. Prepare an income statement down to the gross margin line.
c. Assume that after the entries in part (a) wer made, a physical count revealed that ending inventory was actually 610 units. What additional entry is required? How does this affect your income statement?
How exactly does international tax planning assist a US citizen avoid taxes? Discuss what you feel are the legal, ethical and fairness issues involved in doing this type of international tax planning.
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.
Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below..
Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that would cost $104,520, would have a useful life of 6 years, and would have no salvage value.
Assume that on October 1, 2013, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 200,000 kites in three months at a forward exchange rate of $0.76/1 kite. Prepare the..
The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicati..
Rollincoast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 11.5%. Long-term risk-free government bonds were yielding 8.7% at that time.
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,000 and $165,000 at December 31m 2010 and 2011, respectively.
At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and
Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?
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