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Problem 1: Assume that a walnut farmer supplies 100,000 pounds of Walnuts to Diamond on Sept 15, 2010 (the Fall 2010 crop season) when Diamond's estimated price is $0.80/pound. Diamond agrees to pay (and pays) 35% of the estimated price on Oct 15, 2010, 50% of the estimated price on Feb 15, 2011, and the balance on Aug 15, 2011. On Apr 15, 2011 Diamond estimates (but does not announce to farmers) the final purchase price for the Fall 2010 crop to be $1.00 per pound. Assume that by 7/31/2011 (end of FY2011), Diamond sold 80% of the walnuts purchased at a selling price of $2.00/pound. Show necessary journal entries for Diamond from Sept 15, 2010 through Aug 15, 2011 (including adjusting entries on 7/31/2011). [Debit the Purchases account at the time of purchase. Omit closing entries.]
Assume the following account balances immediately after an interest payment date. If the bonds are retired immediately at a total cost of $104,000, what is the journal entry to record this event?
The traditional way to study accounting assumes that businesses receive and make payments by check and retail business is conducted using cash.
Assess the goodwill for impairment at December 31, 2020 assuming ASPE is used. Undiscounted future cash flows 15,000. Equipment carrying value 9,850
Analyse the dividend policy that has been pursued to date and discuss whether a change would be in the interests of shareholders.
Morton Company’s variable manufacturing overhead should be $4.50 per standard direct labor-hour and fixed manufacturing should be $270,000 per year. The company manufactures a single product that requires two direct labor-hours to complete. Determin..
Waterways has discovered that a small fitting it now manufactures at a cost of $1.00 per unit could be bought elsewhere for $0.82 per unit. Waterways has fixed costs of $0.20 per unit that cannot be eliminated by buying this unit. Waterways needs 460..
Evaluate the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method and uses the installment-sales method.
What items on the balance sheet would be recognized at historical cost? Justify and evaluate if the notes to the financial statements disclose fair market values on these items identified.
A stock offers an expected dividend this year of $3.50, has a required return of 14%. Its current price is $35.00, should the investor purchase this stock? Why?
What is the realized gross profit to be recognized by the entity for the year ended December 31, 2022 under cost recovery method?
Which of the following is a financing activity?
Evaluate the above goals and why you should choose one of them for effective operation of the organization
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