Average days in inventory concept
Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
The average days in inventory during the year was approximately.
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Financial Statements of ABC Corp. indicates that ending inventory levels in 2004 and 2005 were $200,000 and $350,000 respectively. Cost of Goods Sold for 2004 and 2005 were $1,900,000 and $2,200,000 respectively. Purchases in 2005 were:
The remainder of the fixed selling and administrative expense represents current cash flows. The CASH DISPURSEMENTS for selling and administrative expenses on the March selling and administrative budget should be:
Suppose Navistar's Canadian subsidiary sells 1,500 trucks monthly to the French affiliate at a transfer price of $27,000 per unit. Assume that the Canadian and French marginal tax rates on corporate income equal 45 percent and 50 percent, respecti
During the current year, Stern Company had pretax accounting income of $45 million. Stern's only temporary difference for the year was rent received for the following year in the amount of $15 million. Stern's taxable income for the year would be:
If the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2007, for $95,800. Interest is paid annually on January 1. If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be
At December 31, 2008, the fair value of the securities was $585,000. What should Quinn report on its 2008 income statement as a result of the increase in fair value of the investments in 2008?
Can you give specific benefits to be derived from using the information from computing gross profit on sales as opposed to contribution margin? Is net income always going to be the same regardless of the accounting approach? Why don't we use the c
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