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Calculate ending inventory and cost of goods sold at June 30, 2012, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale con
cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.
The progress billings during 2011 were $3,000,000 and the cash collected during 2011 was $2,000,000. Eilert uses the percentage-of-completion method. At December 31, 2011, Eilert would report Constr
Partner A has a capital balance of $20,000 and devotes full time to the partnership. Partner B has a capital balance of $30,000 and devotes half time to the partnership. In what ratio is net income
salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net loss of $6,000 is allocated to Yolanda?
Prepare journal entries (1, 2, and 4) and show proper disclosure (3) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (Show computations.
After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000. What amount of loss on realization should be allocated to Soledad?
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash ass
The treasury shares were acquired by Abel at a cost of $xx per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a market value of $xx per share (
Reporting Stockholders' Equity and Determining Dividend Policy Incentive Corporation was organized in 2009 to operate a financial consulting business. The char-ter authorized the following capital s
An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?
On January 2, 2010, the Hanover Company purchased some office equipment for $20,000. The equipment is expected to have a useful life of five years and a salvage value of $2,000. The depreciation to
The current period statement of cash flows includes the flowing:what is the cash balance at the end of the period ?
How does the balanced scorecard approach differ from traditional approaches to performance measurement? what if anything distinguishes the balnaced scorecard approach from measure everything and you
The assets were so specialized that there was not an objective basis to determine a fair value. In cases like this, the FASB suggest that company record the asset at:
ssuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmenta
From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement?
In the manufacture of 10,000 units of a product, direct materials cost incurred was $145,800, direct labor cost incurred was $82,000, and applied factory overhead was $45,500. What is the total conv
All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.
prepare the journal entry to record the flow of costs into Department 1 during the period for direct materials ?
Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: Prepare a production cost worksheet using the F
In addition, work in process at the beginning of the period for Department 3 totaled $75,000, and work in process at the end of the period totaled $60,000. prepare the journal entry to record the fl
Prepare the journal entries for both companies in March 2018 to record the exercise of the warrants.
All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. what is the conversion cost per equivalent unit (to the nearest c
Use the book value method to record the conversion of $9 million of bonds into common stock with a $10 par value if conversion occurred when the market price of the common was $24 per share, and tot