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While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66,000. prepare the adjusting entry.
Regency Corp. recently acquired $500,000 of the bonds of Safire Co., one of its subsidiaries, paying more than the carrying value of the bonds. According to the most practical view of this intra-entity transaction, to whom would the loss be attrib..
kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000.
Prepare an amortization schedule(s) describing the pattern of interest over the lease term for the Lessee and the Lessor.
Steckelberg Inc. produces and sells a single product. The selling price of the product is $150 per unit and its variable cost is $54 per unit. The fixed expense is $154,560 per month. The break-even monthly unit sales is ??
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.
Eddy Money signed a three-year contract to host the Tonight Show. Although he will receive $130 million dollars over three years, the terms of the contract are that he is to receive $10 million at the end of each of the next three years plus an ad..
If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during April or increase the selling or administrative expenses.
Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
Which of the following describes a change in reporting entity?
The T&M company wants to expand internationally. The marketing department suggests starting with specialty stores in Italy since a survey indicates that American quality towels are appreciated in Italy. The current price is about 20% higher than c..
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