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Question - DEE Company uses the perpetual inventory system. On December 31, 2019, the balance of the inventory account was P500,000. Purchases in 2020 amounted to P5,000,000 excluding freight during the year of P300,000. The perpetual record showed an inventory balance of P 900,000 on December 31, 2020 that included goods in transit purchased FOB shipping point costing P80,000 that did not arrive until January 8, 2021. A physical count taken also on the same date showed inventory of P600,000 excluding the goods purchased on transit costing P80,000.
Required - What amount should be reported as cost of goods sold for the year ended December 31, 2020?
Describe the effects on ROA of the error over the three year period. Explain how the error would affect the statement of cash flows.
The equipment cost $196000 and had an estimated life of 8 years and a salvage value of $22000. What was the depreciation expense for the asset
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Although it may look unusual, when preparing a reversing entry you may temporarily create? a debit balance in an asset account.
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contribution income statement up to operating incomestraightforward contribution income statement yoko ltd. had the
What is the expected rate of return on the? investment? Also compute the standard deviation of the returns. What do the resulting numbers? represent?
Do you agree with the given statement? Why? The recent wave of financial scandals indicates that regulators are often slow in responding
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