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On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:
Beginning inventory, July 1: $4,000
Net sales: $40,000
Net purchases: $41,000
The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collected in the third month, how much of September's revenue is collected in subsequent months? How much of August's revenue is collecte..
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use? What is taxable income, and how is it determined?
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Cardon's Boat Yard, inc repairs store and cleans boats for customers. It is completing the accounting process for the year just ended November 30, 2912, The transactions during 2012 have been journalized and posted. The following data with respect..
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
The president of North Short Railroad wants to obtain an overview of the company's operations, particularly with respect to comparing freight and passenger business.
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