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Question 1. As of December 31st, Boston Company had $13,000 in cash, held $90,000 in inventory, and owned other items worth $15,000. Boston Company also borrowed $45,000 from Huntington Bank.
Make a Balance Sheet for Boston Company as of December 31st.
Question 2. On May 31, Bridgewater Watch Retailers had no watches on hand. During the next three months it purchased 50 watches for $750 each, then 80 for $820. During this time 90 watches were sold.
Problem a) What is the inventory amount under FIFO?
Problem b) What is the inventory amount under LIFO?
Problem c) Why would a US company choose LIFO for inventory accounting? What are the implications of LIFO on the Income Statement?
Given the long tax history of the United States of America, why do you think US tax laws need to be tweaked on a continual basis?
During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale.
Determine the amount of pension plan assets at fair value on December31.
Earnings per share.Santana Corporation has 400,000 shares of common stock outstanding throughout 2010. Compute the proper earnings per share for 2010
Give the entry for the company's purchase of treasury stock. What was the average repurchase price?
Shanghai Exports, LTD produces wall mounts for flat panel television sets. Calculate the net benefit (cost) of accepting the special order
Prepare Sandhill's Journal entries for a the January issurance
The corporate charter of Gage Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first 2 years of operation.
Use Polaris December 31, 2011, financial statements, in Appendix A near the end of the book, to answer the following:
White Ltd generated sales revenues of $325,000 and $375,000 in March and April, and projected sales of $375,000, $400,000, $450,000 and $500,000.
1. what reservations might you have as to the engineers estimate of useful life? why might any estimate of a highways
What are educational vouchers and what are the disadvantages of them? What are the possible ways of overcoming those disadvantages?
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