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Point 1: Since the date it was acquired by Topp Manufacturing, Bussman has sold inventory on to Topp on a regular basis. The amount of such intercompany sales totaled $279,045 in 20x2 and $493,290 in 20x3, including a 42 percent gross profit. All inventory transfer 20x2 had been sold by December 31, 20x2, except inventory which Topp paid $58,725 did not resell until January 20x3. All 20X2 inventory transactions on account had been satisfied prior the end of the year. Inventory transferred in 20x3 had been resold at December 31, 20x3, except merchandise for which Topp had paid $112,050 An account balance of $63,450 remained unpaid on 20x3 inventory transactions.
Question 1: On the last sentence that it stated about an account balance remained unpaid, is it simply just an accounts payable? if so, is it treated differently since it occurs during intercompany sale.
Discuss the ethics and governance in explaining the company's financial stress. Was liabilities a major factor contributinng to the liquidation of the company?
Discuss the ethics and governance in explaining the companys financial stress - factor contributinng to the liquidation of the company?
What kind of duty agent own to principle, What problem of agency in the case and explain the nature of the agency problem that exists in MegaMart,
Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 8,500 tons from the Casting Department.
Prepare the intercompany profits, gains and losses schedule. Prepare paper eliminating journal entries for the inter-company sale of the machinery in Year 6.
Squires Inc. was organized on January 2, 2014 with authorized capital stock consisting of 40,000 shares of 10%, $200 par value preferred, and 300,000 shares of no-par, no stated value common. Prepare the stockholders’ equity section of the balance sh..
Removal to reach $320,200. This represents 127% of its budgeted cost. Rounded to the nearest $100, what amount did Brockton budget for snow clearance?
On May 1 of Year 1 Matthew Company collected $2,400 cash for services to be provided for one year beginning immediately. The company's fiscal closing date is December 31. Based on this information, the amount of service revenue and the cash flow from..
Determine what the Venture capitalists are? intermediaries that raise funds from outside investors. investors who take a hands-off approach to investment
Journalize the acquisition of Mauve stock on November ?3, 2014. On January ?25, Davis sold the Mauve stock for $ 20.50 per share. Journalize the sale.
The gulp convenience store chain buys new soda machines for 450,000 and pays 50,000 for installation cost. one half of the total cost or 250,000 is paid in cash; a note in the amount of 250,000 is signed. how should the company record this transactio..
If an auditor's omitted procedures impair the auditors ability to support the original audit opinion the auditor first should: When the auditor decides not to take responsibility for the work of another auditor, he would normally issue: Which of the ..
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