Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. | | | | Pat’s Electronics Division | | | | | Pat’s Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to
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CHAPTER 10 SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 10-1 $27‚000 + $1‚400 + $10‚200 = $38‚600 BRIEF EXERCISE 10-2 |Expenditures | | | | | | | | | |Capitalization Period | |Weighted-Average Accumulated Expenditures | |Date | |Amount | |
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BE8-1 Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable‚ notes receivable‚ or other receivables on a balance sheet. | (a) | Sold merchandise on account for $64‚000 to a customer. | | (b) | Received a promissory note of $57‚000 for services performed. | | (c) | Advanced $10‚000 to an employee.a. accounts receivableb. notes receivablec. other receivables | | BE9-1 The following expenditures were incurred
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You are an Investment Analyst Strayer University ACC557 – Financial Accounting Professor Levi Beckwith March 16‚ 2014 1. Analyze each company’s history‚ product/services‚ major customers‚ major suppliers‚ and leadership and provide a synopsis of each company. The Coca-Cola (NYSE: KO ) vs. PepsiCo (NYSE: PEP ) war is one of the greatest rivalries in corporate history‚ just like Apple vs. Microsoft. Coca-Cola and Pepsi are the two most popular and widely recognized
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Week Three Exercise Assignment Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21‚000 4/19 Purchase Sunset 21‚800 6/7 Purchase Earth 31‚200 12/16 Purchase Moon 4‚000 Woods and Moon were sold during the year for a total of $35
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This course provides a framework for financial accounting concepts and practices used by internal and external users in businesses. Topics presented include the accounting cycle‚ financial reporting‚ financial statements analysis‚ ratio calculation and interpretation‚ and management decision making based on financial results. INSTRUCTIONAL MATERIALS Required Resources Weygandt‚ J. J.‚ Kimmel‚ P. D.‚ & Kieso‚ D. E. (2012). Financial accounting. (8th ed.). Hoboken‚ NJ: John Wiley & Sons.
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Problem 1: Plastics Inc. is a company that operates in four different divisions. The following information relating to each segment is available for 2013. | | | | | | | | | | Sales revenue | Cost of goods sold | Operating expenses | Total expenses | Operating profit (loss) | Identifiable assets | Bottles | $ 65‚000 | $ 26‚000 | $8‚000 | $ 34‚000 | $31‚000 | $ 66‚000 | Containers | $ 95‚000 | $ 62‚000 | $ 48‚000 | $ 110‚000 | $ (15‚000) | $ 80‚000 |
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ECONOMICS MANAGEMENT ACCOUNTING (1202) HANDBOOK OF EXERCISES 2014 / 2015 Page 1 / 69 NOVA SCHOOL OF BUSINESS AND ECONOMICS MANAGEMENT ACCOUNTING (1202) HANDBOOK OF EXERCISES 2014-20151 I - Introduction to Management Accounting Exercise 1 Exercise 2 Exercise 3 Exercise 4 Exercise 5 Exercise 6 - The MA Company - The Alimentar Company - The Alfa Company - The Metalex Company - The Reparadora Company - The DoceAroma Company II - Inventory Valuation and Profit Measurement Exercise 7 - The Beta Company
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Resource: Ch. 3 of Financial Accounting Prepare written answers to the following assignments from Ch. 3 of Financial Accounting: * Questions 2‚ 3‚ 4‚ & 8 * Exercise E3-7 * Exercise E3-8 2. State two generally accepted accounting principles that relate to adjusting the accounts. Matching principle and revenue recognition principle 3. Rick Marsh‚ a lawyer‚ accepts a legal engagement in March‚ performs the work in April‚ and is paid in May. If Marsh’s law firm prepares monthly
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ENTERPRENEUR Financial Accounting - ACC 557 ENTERPRENEUR Describe the type of business you have created including: a. The product or service‚ and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business‚ Introduction We decided to initiate a Bakery with the name and style of LadyDi’s First Class Bakery‚ Our bakery will provide freshly prepared bakery and pastry products at all times during business
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