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Prepare the entry to replenish the $200.00 petty cash fund of Erin Company, assuming the fund has receipts for: freight-out $60, postage $105, and miscellaneous expense $22. The fund contains $9 in
What are some considerations a company should take into account when establishing dividend policy?
The Little Rock Division of Clinton Companies currently reports a profit of $3.6 million. Divisional invested capital totals $9.5 million; the imputed interest rate is 12%. On the basis of this info
Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations.
Based on these facts, write all necessary journal entries under US GAAP and IFRS. SHOW YOUR LABELED WORK!
Compute the number of equivalent units and the cost per equivalent units in the assembly Department for April.
On July 25, Post Corp. engaged Biggs, a CPA, to audit Post's July 31 financial statements and to issue a report in time for the annual shareholders' meeting to be held on September 5. Notwithstandin
Prepare an extract from the statement of financial position for the vehicle as at 30 June 2014 using the straight-line method of depreciation.
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost
During 2012, Bale Company sold equipment with a book value of $90,000 for proceeds of $104,000. The company purchased new equipment for $240,000 by signing a long-term note payable.
No further entries were made until april 30, 2014 when the first interest payment was made. Please provide the journal entry for that payment.
Both periodic inventory and perpetual inventory methods provide ways to account for inventory shrinkage. What are the journal entries to record shrinkage? Discuss why there might be shrinkage, accom
Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system.
At December 31, 2013, Crawford Company had a balance of $15,000 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $14,100. One of those accounts ($1,800) was late
Calculate matthewstemized deduction for investment interest for this year is matthew entitled to a deduction in future years.
JKL Tools receives an average of $3,300 a day in cheques. The delay in processing averages 4 days. The current interest rate is .02% per day. What is the highest daily fee JKL should pay to eliminat
In a net present value analysis of an equipment upgrade using a 30% tax rate, what amount of cash savings would have the same present value as a $168,000 depreciation deduction?
Management is trying to decide what transfer price to use for sales from the newly acquired company to the Cooking Div'n. The manager of the Olive Oil Div'n argues that $4, the market price is appro
On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four e
Trasky Company is trying to decide whether it should purchase or lease a new automated machine to be used in the production of a new product.
The real estate is subject to a $1,700,000 mortgage and Nathan made taxable gifts in 2005 totaling $2 million at which time he claimed the maximum unified credit of $345,800 and paid gift tax of $43
Income statement effect of transactions, commitments,& hedging. Clayton industries sells medical equipment worldwide. On Mar 1 of the current year, the company sold equipment, with a cost of $16
Which cost assignment method would likely assign the cost of heating in a plant that makes chairs and go-carts when the chair product line is the cost object?
Journalize the above transactions. (Include entries to close net income to Retained Earnings.) Determine the ending balances for Paid-in Capital, Retained Earnings, and Stockholders' Equity. Calcul
In light of recent research findings describe and explain the importance of non-financial performance measures in modern organisations and critically evaluate the Balanced Scorecard as a strategic t