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Question: General Fund of the City of Mineral Wells shows $35,000 in supplies inventory on January 1, 2016. During the year 2016, General Fund cash is used to purchase $120,000 of supplies. On December 31, 2016, the city conducts an inventory count and finds $50,000 of supplies inventory remains. Using the purchases method of accounting for inventory, prepare the journal entries necessary to record.
(a) Purchase of the inventory
(b) To make the year-end adjustment to inventory.
Junker's Stash started the 2016 accounting period with the balances given in the financial statements model shown below. During 2016 Junker's Stash experienced the following business events:
Teams are to select an industry, and each team member is to select a different company in that industry. Each team member then is to acquire the selected.
adjusting entries shabbona corporation operates a retail computer store. to improve delivery services to customers the
In a real turbine, the entropy of the steam will increase somewhat. How will this affect the percentages of liquid and gas at point 4 in the cycle? How will the efficiency be affected?
The relevant costs for the year are as follows: machinery for $10,000, $800 shipping, $50 for delivery insurance, $500 for installation, $750 for sales tax, $150 for annual tune up, and $200 of property taxes (an annual tax on business property). ..
China Inc. produces custom-painted cake plates for a number of major department stores. During the most recent week, the company prepared 6,000 platesusing 1,150 direct labor-hours.
please explai how the cost of inventory moves through the financial statements as inventory is purchased and sold hint
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the standard cost of product b manufactured by tlc company includes three units of direct materials at 6 per unit.
Distinguish between internal and external sources of computer fraud.
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