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Problem 1: XY company purchased 80 units product TI-89 for $69 each and sold them for $85 each. The disposal cost of each unit is $30, and the replacement cost is $60. If the manager of XY company thought that the product TI-89 had lost value, what will be the journal entry using the Allowance method? Please explain detail how to do it Option 1: Credit to Allowance to Reduce Inventory $1120 (Correct Ans) Option 2: Debit to COGS $1120 Option 3: Credit to Loss Due to Market Decline of Inventory $1280 Option 4: Debit to Allowance to Reduce Inventory $1280
When an investment is acquired to be held for an unspecified period of time as opposed to being held to maturity, it is reported at the fair value of the investment securities on the reporting date. Why?
Nixon Harvesting is considering the purchase of a new tractor. Calculate the payback period for the tractor investment.
Assume this week is the end of 2018. It has been a wonderful year-end for you because your business Computer Servicing and Networking Business was doing great.
Elaina, a 57-year-old widow, lost her husband in 2019. How much of the lump-sum death payment is taxable
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. What was the noncontrolling interest in Kent net income
Which of the following situations would impair Jackson's independence? which of following arrangements will permit Burrow to begin fieldwork on Mare's audit?
the machine will provide cost savings of 15000 per year for the next four years. if the companys required rate of
Each $1,000 bond is convertible into 125 shares of common stock. Compute basic and diluted earnings per share for Heffner Company for 2011
How to Show is the trial balance for Dunbar Corporation as at June 30, 2017, the company's year end. The company owner provides
Prepare the 2023 entry for the warranty costs (use a date of May 30) and the December 31, 2023, adjusting entry for the extended warranty.
discount-mart issues 10 million in bonds on january 1 2012. the bonds have a ten-year term and pay interest
Calculating ROI. For fiscal year 2017, LaundryMate Products had income as follows: Sales $55,000,000.
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