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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.
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.
Determine the balance at the end of the seven?-year term. A ?$91,000 mortgage is to be amortized by making monthly payments for 25 years.
Luciana, a nonshareholder, purchases a condominium from her employer for $123,500. The fair market value of the condominium is $172,900. What is Luciana’s basis in the condominium and the amount of any income as a result of this purchase?
The three types of costs incurred in coal production are acquisition costs (costs to acquire the coal rich lands plus the present value of future cash flows necessary to restore the sites minus the cost of the land), exploration costs (costs of minin..
Many firms believe that it is very difficult to estimate the amount of a possible future contingency. Should a contingent liability be reported even when the dollar amount of the loss is not known? Should it be disclosed in the notes to financial sta..
Calculate each ratio using the information from the balance sheet and income statement. Write a 2-3-page paper that reports your findings. Apply APA standards to citation of sources.
Describe the influence that the law has on pricing decisions and how would you respond to the R&D manager's statement about Discounted Cash Flow methods? Do you agree or disagree? Explain.
Describe what you think are the most important differences and articulate what is the critical reason regarding why those differences exist
Power Music owns five music stores, where it sells music, instruments, and supplies. In addition, it rents instruments. At the end of last year, the new accounts showed that although the business as a whole was profitable, the Fifth Avenue store had ..
Foyert Corp requires a minimum $30,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $3..
If the gold futures price increases to $1355/oz when you closed out your futures position, your total gain/loss from the trading is
question american produce company brought a truckload of cantaloupes weighing 4000 pounds for 1200. american
Briefly describe the operating cycle of a merchandising company. Identify the assets and liabilities directly affected by this cycle. Prepare journal entries to record these transactions, assuming Hearthstone uses a perpetual inventory system.
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