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Question 1: What is the difference between perpetual system and periodic system as inventory system .
Question 2: Define the consistency principle and the related announcement in the same accounting standards .
Question 3: What is the difference between FIFO , LIFO and weighted average methods and its disadvantages.
Question 4: Why ending Inventory must be reported by lower of cost or Market LCM.
Which one of these best describes a flexible financing policy?
On January 13, 2105, Tamira Nelson, the accountant for Pictron Enterprises, is feeling pressure to complete the annual financial statements. The company president says that she will need up-to-date financial statements to share with the bank on Janua..
Suppose a business borrows $100,000 for one year. The lender quotes a 6 percent annual interest rate that's compounded semi-annually (twice a year). Determine the annual effective interest rate on the loan.
Bobby is considering starting a small catering business. he would need to purchase a delivery van and various equipment costing $132,000 to equip the business and another $54,500 for inventories and other working capital needs. Would you advise jim t..
Determine the basis for the shares sold consider the FIFO cost method?
1. what is business risk and how is it measured?nbsp2. what is financial risk and how is it measured?nbsp3. what is
What is the value of incremental free cash flow in Year 0? Project Beta is a project which will last for 3 years and which requires an initial outlay of $6,000.
Below are transactions for Hurricane Company during 2018. a. On October 1, 2018, Hurricane lends $7,700 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2019. Record t..
Sparrow, Inc. used the high-low method to estimate that its fixed costs are $300,015. At its low level of activity, 101,700 units, average cost was $3.50 per unit. What would Sparrow predict as its variable cost per unit?
Franklin purchases 40 percent of Johnson Company on January 1 for $578,700. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson’s operating and financing policies. Johnson reports ass..
Appleton Inc. adopted dollar-value LIFO on January 1, 2011, when the inventory value was $1,200,000. The December 31, 2011, ending inventory at year-end costs was $1,430,000 and the cost index for the year is 1.1.
Michaels Company segments its income statement into its East and West Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $580,000, 50%, and $29,000, respectively. The West Division’s contribution margin an..
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