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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals, in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You are there foreconsidering recording the transactions directly into the general ledger accounts. Is this ethical and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.
You buy an investment today for $9,000. You sell the investment in 120 days for $9,500. The effective annual rate on this investment is:
What is the danger in allocating common fixed costs among product lines or other segments of an organization?
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54000 and the direct materials cost was $34000, the direct labor cost was:
Determine the due date and the amount of interest due at maturity on the following notes: Oct. 1 fee amount 10,500, interest rate 8%, and term of the note is 60 days, Aug. 30 18,000, 10%,120 days, May 30., 12,000, 12%, 90 days, March 6, 15,000, 9%..
National Credit and Cash purchased a general liability insurance policy for $2,400 for coverage for the calendar year. The entire $2,400 was charged to Insurance Expense on January 2, 2010. If the firm prepares monthly financial statements, the pr..
Explain to him the rules of debits and credits for the balance sheet and income statement - journal entry that would be recorded that impacts the balance sheet.
Assuming that the cash balance at the beginning of the month was $7,450, prepare a statement of cash flows that displays operating, investing, and financing activities and that reconciles the beginning and ending cash balances.
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
Explain the lower of cost or market method of evaluating inventory. Give an example of when LCM would be used. What is meant by the assertion that LCM is an example of the principle of conservatism Explain
On July 1, 2011, Patton Company should increase its Held-to-Maturity Debt Securities account for the Scott Co. bonds by:
The manufacturing manager of New Technology Company is concerned about the company's newest plant. When the plant began operations three years ago, it had the best of everything. What is the nature of the plant's problems?
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six month..
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