Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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Soccer Many people may think that soccer is just a sport‚ but to me it means much more. I believe in the feeling I get when I dribble down the pitch‚ juke out a defender‚ and score the winning goal. It is such a rush to race down the pitch and send an amazing through pass to your teammate who scores the goal. Soccer has taught me many life lessons such as to always try your best‚ exercise is important‚ and to be respectful to everyone you play with or against. I remember when I was in third grade
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some of the most important similarities between basketball and soccer. To begin with‚ they are both team sports. As a basketball team can consist of five players‚ while a soccer team is much larger in comparison as it can be made up of eleven players. In both of the sports‚ substitutes can be placed in the game when players get they are injured or tired. Both sports also use is a ball‚ although there are not exactly the same as a soccer is round‚ light‚ quite hard‚ and made of either leather or synthetic
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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The Sport of Soccer Soccer is known has one of the most popular sports in the world‚ and is the sport that is played in every continent in the world. The sport is cost efficiency is the main reason soccer has grown and it is still growing throughout the world today. It is also the one and only sport without borders because it is a sport that doesn’t really need many components. It is highly strategic game that has logical thinking‚ quick reaction and endurance as it necessary to run without a rest
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Some people believe that if they ban headers in youth soccer it will modify one of the fundamentals of how soccer is played and that the percent of change that it will bring if they do ban headers isn’t high enough for all people to agree on. People argue they would rather stress on more illegal body contact. But one of my team mates and longtime friends got brain problems because he headed to much in the game. It was one of our last games of the season he went for a header‚ and then after he hit
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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References: Warren‚ C.‚ Reeve‚ J.‚ and Duchac‚ J (2007). Accounting. 23rd ed South-Western‚ cengage learning in thousands except share data | January 3‚ 2009 | December 29‚ in thousands except share data | December 29‚ 2007 | December30‚
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Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
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