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Use the following facts of Lilac Corporation to prepare its journal entries relating to the
(a) Manufacturing of inventory,
(b) Revenue recognition during production,
(c) Partial billing,
(d) Cash collection.
The company contracts to produce and sell an item of inventory to a customer for $250. It costs $150 cash to manufacture the item.
The company sells the item on credit.
During production, the company bills the customer for a partial billing of $210.
The company collects $80 cash from the customer in partial payment.
Assume that the company has not yet delivered the item to its customer, but advances the recognition of revenue to the period of production.
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
On January 1, 2009, Glenville Co. acquired 80,000 of the 100,000 shares outstanding in Acron Corp. for $500,000. The fair value of Acron's net assets was $600,000 and Glenville will account for its interest using the acquisition method.
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During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
kessler inc. received the following information from its pension plan trustee concerning the operation of the companys
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