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Claire Sweater Shop uses the retail inventory method to value its inventory. Its accounting records contain the following data for 2020: Sales P87,000 Sales discounts 1,600 Sales returns 3,100 Normal spoilage 1,300 Employee discounts (sales to employee are recorded at net) 2,400 Problem 1: The adjusted sales amount for 2020 to be used in the retail inventory method would be
a. P86,300b. P79,900c. P81,200d. P84,700
During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?
Would journalize this entry in July when it was received or August when it is due? Received telephone bill for July in amount of $75.
Transactional Analysis Problem Scenario: Use following scenario and transactions to complete the activities below. On January 4, Mary Markham, an attorney, opened her private law firm.
On January 1, 2017, Ivanhoe Corporation sold a building that cost $258,210 and that had accumulated depreciation of $105,500 on the date of sale. Ivanhoe received as consideration a $248,210 non-interest-bearing note due on January 1, 2020.
Assignment of Duties In this part of the assignment you are to determine whether GBI has effectively assigned its employees to each of the 26 sales tasks listed above. That is, you must assess whether GBI’s SOD constitutes good control – control that..
Complete the schedule on the sheet by entering EACH COST in the amount for the production of 50,000 units as (a) either a product cost (direct materials, direct labor or factory overhead) or a period cost.
Prepare a schedule computing the amount of inventory fire loss. The supporting schedule of the computation of the gross profit should be in good form.
As of December 31, 2012, NPR, Inc. has patents and trademarks on its balance sheet. NPR has decided it does not want to use the qualitative assessment option for impairment testing on its trademark for US GAAP.
Compute depreciation expense using the straight line method for the years 2012 and 2013. Smart Company purchased a delivery truck for $70,000 on July 1, 2012.
You are in charge of running a paintball field. Customers are charged a $35 entrance fee and $45 per case of paint, on average they buy a total of 2 cases. Determine how many customers you would need to break even? What is your total profit?
How to Make the journal entries to account for the events and transactions in relation to the motor vehicle between 1 July 2015 and 31 December 2018
You have just been notified. How to Compare the alternatives assuming a long-term average interest rate on any investments of 8%.
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