Credit Prepaid Insurance 1‚800 1‚800 6) Supplies‚ Beginning Supplies Purchased Amount Paid Supplies‚ End of the Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash $4‚500 8) Bond and Associates Accumulated Depreciation Accounts Payable Accounts Receivable Cash Equipment Land Mortgage Payable Prepaid Insurance Supplies Unearned Revenue Wages Payable $23‚000 $8‚500 $12‚000 $3‚500 $44‚000 $21‚000 $45‚000 $7‚500 $2‚000 $6‚000 $4‚500 Current Liabilities $19‚000
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INVENTORY – PERIODIC INVENTORY SYSTEM In a Periodic Inventory System‚ no effort is made to keep up – to – date records of either the inventory or the cost of goods sold. Instead‚ these amounts are determined only periodically __ usually at the end of each year. It is used by very small businesses having manual accounting systems. Questions 1 – 3 (Meigns & Meigns)‚ Question 4 (Fess & Warren) Question 1:- Mach IV Audio uses periodic inventory system. One of the
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would be allocated for the Algerine War due to the possibility of the ships being in the dockyard rather than in full service. Jefferson was simply allocating the costs of the war in terms of accounting allocations per asset capitalization and depreciation. 3) Evaluate Jefferson’s reasoning in his 1822 letter. Do you agree with his logic? This letter does not specifically identify the cost of building the fleet‚ but it does compare the construction cost to the cost of maintaining the fleet
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controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipm... Follow the link Now for full guide - https://bitly.com/1oJLnk3 When
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without showing the related debt. Companies improve the utilization of their assets via leasing since they can add capacity‚ as needed‚ a lot more easily by leasing rather than committing to own the assets. • They show no interest expense or depreciation in the income statement‚ although both of these are part of the “lease expense” account that does run through the income statement. • They avoid certain risks of ownership such as technological obsolescence‚ physical deterioration‚ etc.
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decreases * Depreciation expense - increases * Increase in investments - decreases * Decrease in accounts payable - decrease * Decrease in prepaid expenses - increases * Increase in inventory - decreases * Dividend payment - decreases * Increase in accrued expenses - decreases The Rogers Corporation has a gross profit of $880‚000 and $360‚000 in depreciation expenses. The Evans Corporation also has $880‚000 in gross profit‚ with $60‚000 in depreciation expense
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Student ID: 7608756 FACC Assignment FACC/Jul11/1 Ryan Marc Gonsalves Ryan Marc Gonsalves MBSW 60127 FINANCIAL ACCOUNTING FACC/JULY11/1 Student ID: 7608756 Table of Contents Table of Tables .................................................................................................................... 3 Table of Figures ................................................................................................................... 3 Introduction and Purpose ................
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[pic] Click www.ondix.com to visit our student-to-student file sharing network. REVIEW OF FACTS Rock Creek Golf Club is a public golf course owned by a private company and managed by Lee Jeffries. The case entails a debate about the golf carts used to take players around the course instead of walking around. The carts they already owned were old and there was a need for new golf carts. Approached by two salesman‚ Lee Jeffries was forced to chose to make a deal with one of them. Salesman
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from contract manufacturers less incremental Stryker manufacturing costs Operating income from project less architect and engineering fees pre-tax income less taxes at 36% After-tax income add back Building depreciation add back Equipment depreciation add back It & other equipment depreciation Subtotal plus NCW Savings Subtotal Cash Flow Terminal Value‚ at book value Hurdle rate Discount factor at 15% PV of Cash Flows Sum‚ PV of Cash Flows & Terminal Value (BV Less 3 Initial Investments: 1. Building
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$13‚980; depreciation expenses = $2‚370; interest expense = $345; dividends paid = $400. At the beginning of the year‚ net fixed assets were $13‚800‚ current assets were $2‚940 and current liabilities were $2‚070. At the end of the year‚ net fixed assets were $16‚340‚ current assets were $3‚280‚ and current liabilities were $2‚160. The tax rate for 2010 was 35 percent. a. What is net income for 2010? Net income = Revenue – Expenses = Net sales – Cost of goods sold – Depreciation – Interest
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