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The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
• Sales were at $450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The cash balance on November 1 was $18,000.• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.• Budgeted depreciation for November is $25,000.• The planned merchandise inventory on November 30 is $230,000.• The cost of goods sold is 70% of the selling price.• All purchases are paid for in cash.
The budgeted net income for November is
A. $135,000.
B. $68,000.
C. $50,000.
D. $75,000.
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
What criterion must be met for true comparability?
Prepare the journal entry (or entries) for the issuance of the bonds and warrants for the cash consideration received.
Griffith Delivery Service purchased a delivery truck for $33,600. The truck has an estimated useful life of six years and no salvage value. For the purpose financial statements, Griffith is planning to use straight-line depreciation.
What results have empirical studies of the dividend theories produced? How does all this affect what we can tell managers about dividend payouts?
What gain or income do Sara and Jane recognize on the exchanges? What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $5,490 at the end of that time. Assume straight-line depreciation.
The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would be:
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