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Questions -
Q1. Hans Company has 2 items that are under evaluation for possible year-end adjustments. First is the purchase with supplier invoice dated December 30, 2021 - $120,000. This was shipped FOB shipping point, freight prepaid. The freight costs $5,000. The purchase was recorded but the freight was not. Second is the purchase return of $20,000 which was made but not recorded. If the correct ending inventory is $200,000 and the cost of goods sold before adjustments is $5,000,000, what is the correct amount of cost of goods available for sale?
Q2. Tulips Company owned 50,000 shares of another Pam Company. These 50,000 shares have an original price of $100 per share. The investee distributed 50,000 rights to Tulips Company. Tulips Company was entitled to buy one new share for $140 and five of these rights. Each share had a market value of $150 and each right had market value of $10 on the date of issuance. Tulips Company exercised all rights. The share rights are accounted for separately and measured initially at fair value. How much should be recorded for the new shares that are acquired by exercising the rights?
Prepare all journal entries for 20 times 2 concerning the following data for a medical clinic that performs elective laser surgery that corrects vision.
the plant asset and accumulated depreciation accounts of pell corporation had the following balances at december 31
Barbri Company ordinarily pays its employees on a weekly basis. Recently, one of the employees, Bernard Nagle, was sent from the home office on a three-week rip. Nagle has now returned to the office, and you are preparing a single check covering his ..
Prepare the journal entry to record the appropriate payment if the entire invoice is paid on July 8, 2016.
"Scalia Systems manufactures rugged handheld computers for use in adverse working environments. Prepare a schedule of planned unit production for January
Calculate receivable turnover and Day's Sales uncollected. Compare to Walgreens (for the last 5 years) and the industry average (for the current year.
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
A non-stock, non-profit charitable entity received the following during 2019: What is the total exclusion from gross income subject to regular tax
Calculate the total variable costs for producing 2, 4 and 8 rooms - How does a learning curve differ from an experience curve
Prepare the journal entry for Wood to record the sale, assuming that the recourse obligation has a fair value of $7,500
Is Choi's ruling an ethical violation, or is it a legitimate decision in computing depreciation? How will Choi's new depreciation rule affect the profit margin of her business?
For each area of employment law, complete the following: List the federal agency (or agencies) that regulates this area.
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