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Compare the differences between a cash budget and an operating budget, and explain why both are beneficial.
Payment of freight charge on merchandise purchased. Indicate which inventory-related accounts would be debited or credited for each event.
What is the main difference between a perpetual inventory system and a periodic inventory system?
What is a consignment arrangement? Explain the accounting treatment of goods held on consignment.
The Esquire Company employs a periodic inventory system.
Identify four methods of assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.
What is a LIFO inventory pool? How is the cost of ending inventory determined when pools are used?
The merchandise arrived at Kelly's location in January. Which shipments should be included in Kelly's December 31 inventory?
VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017.
Sales of 125 units and 100 units were made on January 10 and January 25, respectively.
During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each.
What is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?
Calculate cost of goods sold for the six months ended February 28, 2014, assuming Walgreen used FIFO instead of LIFO.
What was the amount of net sales for 2016?
Calculate the inventory value at the end of 2016 using the dollar-value LIFO method.
Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016.
Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances.
Discuss the ethics of the 21% return claim made by the Damon Investment Company.
You have been hired as a consultant to Harvey's agent, Phil Marks, to evaluate the two contracts.
The new machine has a salvage value of $25,000, but the old machine will be worthless at the end of the five years.
Determine the maturity value of the zero-coupon bonds that Johnson & Johnson will pay bondholders at the beginning of 2020.
Define a compensating balance. How are compensating balances reported in financial statements?
Distinguish between the gross and net methods of accounting for cash discounts.
Briefly explain the difference between the income statement approach and the balance sheet approach to estimating bad debts.
What is meant by the discounting of a note receivable? Describe the four-step process used to account for discounted notes.