E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation‚ determine the amount that should be reported as cash. If the item(s) is not reported as cash‚ explain the rationale. 1. Checking account balance $925‚000; certificate of deposit $1‚400‚000; cash advance to subsidiary of $980‚000; utility deposit paid to gas company $180. 2. Checking account balance $600‚000; an overdraft in special checking account at same bank as normal
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theory holds that a difference in comparative costs of a production is the necessary condition for the existence of international trade. According to this theory Exchange of goods between two countries would be based on this principle of comparative advantage‚ each exchanging goods that they produce the best . Technological differences between the countries determine international division of labor and consumption and trade patterns . It says trade is beneficial to the all participating countries. The
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--- | Pg15 | Introduction In this assignment‚ all about the types of inventories that consists of raw materials‚ work-in-progress‚ and finish goods. Besides that‚ is the process of manufacturing the goods‚ valuation of inventory such as using FIFO or WAC and lastly is the amount of opening and closing inventories. In addition‚ Apollo Food Holdings Bhd. (APOLLO) was incorporated on 5th March 1994 as a private limited company under the name Apollo Food Holdings Bhd. It subsequently converted into
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PROCESS COSTING-SINGLE DEPARTMENT INTRODUCTION In process costing system‚ a large number of homogenous products passed through several production departments where each department is responsible for one or more operations that bring a product one step closer to completion. In each department‚ materials‚ labor and overhead inputs may be needed and upon completion of a particular process‚ the partially completed goods are transferred to another process. SIMILARITIES AND DIFFERENCES OF JOB ORDER
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Index 1 Introduction & Meaning of International Trade 2 Advantage of International Trade 3 Disadvantage of International Trade 4 Benifits of International Trade 5 Risks of International Trade 6 Conclusion International trade International trade is the exchange of capital‚ goods‚ and services across international borders or territories. In most countries‚ such trade represents a significant share of gross domestic product (GDP). While international trade has been present
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equal to the actual cost of goods available. FIFO‚ LIFO‚ and weighted average are come methods used to account for inventory. FIFO assigns first costs incurred to COGS on income statement. LIFO assigns last costs incurred to COGS on the income statement and if using a weighted average method a company would assign average cost incurred to COGS on income statement. Deere and Company uses LIFO costing method. d. Assuming that prices are increasing‚ FIFO gives a better indication of the value of ending
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unemployment Domestic inflation rates Foreign inflation rates 3. (TCO 3) Country A is an extremely efficient producer of tin. However‚ its climate and terrain make it difficult to produce corn. According to the theory of comparative advantage‚ Country A should: (Points : 1) produce both tin and corn in
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International economics Kap1 International trade * Globalization * Many definitions * The process that makes trade‚ transport‚ transactions‚ exchange of information and mobility across national (and other) borders and across long distances‚ cheaper and easier. * Globalization is long run trend for all societies‚ * Technological globalization * Political globalization * Size Matters: The Gravity Model Technology * Technology for transport
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statement using each of the following cost flow methods: 1. First-in‚ first-out (FIFO) 2. Last-in‚ last-out (LIFO) 3. Average cost E8-14 Altira uses a perpetual inventory system. Determine the inventory balance Altira would report in its August 31‚ 2011‚ balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. FIFO: 2. LIFO: 3. Average cost E8-18 1. Steelcase adjusts the LIFO reserve at the
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Student Name: ZHANG QIWEI Student ID Number: B414498 Arguments for and against LFO abolition in the US What are the arguments in favour of retaining LIFO? The arguments are being made on a number of different grounds so be clear to separate these out. What are the arguments in favour of the US abolishing LIFO? Should decisions on matters such as this be made on the basis of what is the most appropriate from an accounting perspective (i.e. principles) or from the perspective of the impact of
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