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Assume the following cost of goods sold data for a company: 2018 $ 1412000 2017 $ 1221000 2016 $ 1021000 If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018?
A company's inventory balance was $204,000 at 12/31/11 and $191,600 at 12/31/12. Its accounts payable balance was $81,600 at 12/31/11 and $85,800 at 12/31/12, and its cost of goods sold for 2012 was $734,400. The company's total amount of cash paymen..
Describe the structure of GAAP prior to the codification, and after the codification. What are the pros and cons related to the change?
SPA Corporation’s books, which are maintained using the accrual method, show the following income and expense items for the 2011 tax year: Find out the corporation’s charitable contribution carryover (if any).
A common concept that many students struggle with is the idea of comprehensive income. In your own words, explain what this concept means. Can you provide direct examples of items that affect comprehensive income but are not reflected on the income s..
Use the high-low method to estimate the behaviour of CRSL staff cost based on customer numbers within the relevant range. Use an equation to express the results of this estimation method.
How is present value related to the concept of a liability? Southeast Airlines Inc. awards members of its Flightline program a second ticket at half price, valid for 2 years anywhere on its flight system, when a full-price ticket is purchased. How wo..
Beonce Company received proceeds of $188,000 on 10-year, 6% bonds issued on January 1, 2013. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31, and have a call price of 101. Beonce uses the straight-line me..
Prepare the journal entry to write off those accounts and prepare the entries necessary to reinstate the account and to record the cash received.
ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is effective as of January 1, 2016.
Prepare any necessary adjusting or correcting entries Assume that no entries have been made regarding the situation other than those specifically described
A company has 2,500 shares authorized and 1500 have been issued, the annual dividend on $20 par 5% stock is $1500
Hercules Chemical Corporation uses process costing to calculate unit costs. For one of its products, conversion cost per unit equals $6. Total materials costs equal $80,000. Equivalent units for materials are 10,000. What is the total manufacturing c..
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