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Jones Company had 100 units in beginning inventory at a total cost of $10,000.The Company
Purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in Ending inventory. (Instructions)
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost. (b) Which cost flow method would result in the highest net income?
(c) Which cost flow method would result in inventories approximating current cost in the balance sheet? (d) Which cost flow method would result in Jones paying the least taxes in the first year?
Abbey is to receive an annual interest allowance of 10% of their beginning-year capital investment, and any REMAINING income or loss is to be shared equally. Determine balances of the partners CAPITAL accounts as of December 31, 2011
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Prepare the suitable journal entry to record the year-end discount amortization on December 31, 20X7 and prepare the suitable journal entry to record the payment of the note on 31 st March, 20X8.
Hummingbird distributes securities held as an investment (adjusted of 90,000, fair market valye of 110,000) to Erika in redemption of 200 of her shares. What are tax results to Dalissa on the redemption of her Hummingbird stock?
Allen Air Lines is now in the terminal year of a project. The equipment originally cost $20 million, of which 80% has been depreciated. Carter can sell the used equipment today to another airline for $5 million, and its tax rate is 40%. Illustrate..
Preparation of statement of cash flow statement using direct method - Prepare a statement of cash flows for the month of January 2007. Use good form and the direct format.
A bank finds that its assets are not matched with its liabilities. It is taking floating-rate deposits and making fixed-rate loans. Explain how can swaps be used to offset the risk?
Evaluate what Aldo's should expect for total variable cost if 9,000 T-shirts are sold next month and prepare Aldo's contribution approach income statement for monthly sales volume level of 10,000 T-shirts.
Examine how corporations address non-liquidating distributions are addressed, determine the mistake most difficult to avoid, and make at least one recommendation for how to avoid the mistake you identified.
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