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On August 6, Sandia Corp. declared and paid cash dividends of $1.75 per share, and on December 31 it reported net income of $150,000. Prepare the necessary entries Froxel Company must make to accoun
Find a journal article online about just-in-time inventory systems. In the subject line of your post, include the title of the article that you read. Post a link to that article with your initial po
Hogg Corporation distributes $30,000 to its sole shareholder, Ima. At the time of the distribution, Hoggs' E&P is $14,000 and Ima's basis in her stock is $10,000. Ima's gain from this transactio
Prepare the journal entry recording the amount of interest that Carter should capitalize in 2007 using the specific interest method.
West uses the effective interest rate method of amortizing bond discount. in its june 30,2011, balance sheet, what value should west report as the book value or carrying value of the bonds payable?
Mancuso Corporation amended its pension plan on January 1, 2010, and granted $160,000 of unrecognized prior service costs to its employees. The employees are expected to provide 2,000 service years
A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following i
Assume that a buyer receives a shipment of MODEL SD010 with an invoice amount of $780, although $870 worth of goods were received. The purchase order was for $870. Since the difference was in the bu
Compute the depreciation for the first year under each of the following methods: (a) straight-line, (b) units of production, and (c) double-declining-balance.
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An aging analysis of the accounts receivable produces an estimate of $1,000 of probable losses from
In looking over the documentation prepared by the two project teams, it appears to you that the synthetic resin team has been somewhat more conservative in its revenue projections than the epoxy res
Coral Corporation (a C corporation) sold $100,000 of merchandise for which it paid $40,000. It also paid $35,000 of other expenses. All transactions were in cash. What is Coral Corporation's after-t
Jonas, the sole shareholder of Emerald Corporation, wants to better understand the implications of this adjustment for E & P purposes, as he anticipates a distribution from Emerald in the curren
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amo
What are some of the reasons why management would purchase its own stock? Please also feel free to provide current examples of companies doing this?
Identify which of these are research phase items and will be immediately expensed under U.S. GAAP and IFRS.
A corporation issues $500,000,10%,5-year bonds on january 1,2010 for $479,000.Intrest is paid semiannually on january 1 and july 1.If the corporation uses the straight -line method of amortization o
Mendez Corporation issues 3,000,10-year,8%,$1,000 bonds dated January 1,2010,at 103.the journal entry to record the issuance will show a ?
Thirty $1,000 bonds with a carring value of $38,400 are convereted into 3,000 shares of $5 par value common stock.The common stock had a market value of $9 per share on the date of conversion. The e
The packages would be sold for $200 each. She would pay $2,000 to Computer Conventions, Inc., for the booth-rental for the convention. Assume there are no other costs.
Sam's Club (part of the WalMart consolidated operations) collects annual non-refundable membership fees from customers. When should Sam's Club recognize revenue for these membership fees?
CarMax Inc. reports sales of $6,973,966 thousand and cost of sales of $6,005,796 thousand for the year ended February 28, 2009. The gross profit for the year is:
At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $20,000 and the allowance for uncollectible accounts is estimated at 10% of gross receivab
Assume that Quinn Jewelry Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $102 million.