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Question - A company that uses a perpetual inventory system made $110,000 worth of purchases throughout 2017. At the end of the year it was discovered that a $20,000 purchase made in December had been recorded incorrectly. When the December purchase was recorded, the accountant debited cost of goods sold and credited cash. At the beginning of the year, the company had an inventory balance of $78,000 and after their year-end inventory count determined that they had $31,000 on hand. Record any adjusting entries required. Prepare the correcting entry for the following situations above. Do NOT reverse the original entry and re-do it correctly. Simply correct the error(s) that have been made.
Ten years into the mortgage, What would be the monthly saving to a homeowner from re?nancing the outstanding mortgage balance at the lower rate?
Make the shareholders' equity section of the balance sheet for Accounting For You Professional Corporation at December 31, 2020.
What are some of the characteristics of a weak corporate governance structure that would promote fraud?
What is the present value of a $884 perpetuity discounted back to the present at 7.79 percent. The answer should be calculated to two decimal places.
An auditor is identifying matters for communication to the entity's audit committee. The auditor would most likely ask management whether
Find What are the annual interest rates on the loans? The Magic Pumpkin Limousine Company wants to purchase a car telephone system
The following events took place for Los Arcos Eastern Manufacturing during January 2014, the first month of its operations as a producer of digital thermometers: Prepare the January 2014 income statement for LAE Manufacturing Company. Determine the i..
Determine the total fixed cost per unit of production, assuming that Stuart produces 9,500, 10,000, or 10,500 units. (Round your answers to 2 decimal places.)
Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,013,000 shares of $12 par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton’s common stoc..
The Hilltop Corporation is considering (as of 1/1/08) the replacement of an old machine that is currently being used. The old machine is fully depreciated but can be used by the corporation through 2011. If Hilltop decides to replace the old machine,..
Prepare the closing entries at October 31 in the General Journal and Trial Balance for your closing entries
Hal-Marts, Inc., has two sales departments: equipment and clothing. During February, these two departments reported the following operating results: Equipment Clothing Sales $490,000 $250,000 Contribution Margin 35% 50% Traceable Fixed Costs $29,200 ..
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