COMPREHENSIVE PROBLEM (Chapters 6‚ 7‚ and 8) Case A Req. 1 (in millions) Allowance for uncollectible accounts (XA‚ +A) 1 ............. Accounts receivable (A)............................................ Req. 2 Cash collections for 2008 2 were $5‚711 million. Allowance for Uncollectible Accounts 20 Beg. 5 Bad debt Write-offs ? expense 13 End. 12 12 Accounts Receivable Beg. 558 Sales 5‚710 ? Collections ? Write-offs End. 545 - = Net Realizable Value 538 532 1 Beg. allowance
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1FU251 Exercise I Nostress‚ Ltd. Is engaged in the assembly of printing machines and is starting its operations in December 2012. The following transactions took place during December 2012: Material consumed during production 500 000. The wages for December were - wages of production workers were - Wages of administration people were - wages of distribution workers were 100 000‚ out of which: 60 000 30 000 10 000 Depreciation of production machines and buildings were Depreciation of administrative
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ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership‚ both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income‚ and their
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without Saddle Point; Graphical Method; Principle of Dominance. [5L] Module IV Queuing Theory: Introduction; Basic Definitions and Notations; Axiomatic Derivation of the Arrival & Departure (Poisson Queue). Poisson Queue Models: (M/M/1): (∞ / FIFO) and (M/M/1: N / FIFO) and problems. [5L] Text Books: 1. H. A. Taha‚ “Operations Research”‚ Pearson 2. P. M. Karak – “Linear Programming and Theory of Games”‚ ABS Publishing House 3. Ghosh and Chakraborty‚ “Linear Programming and Theory of Games”‚ Central Book
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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‚000. Determine the firm’s a. Cost of goods sold.
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Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet‚ income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits‚ credits‚ transaction journal entries‚ adjusting
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first quarter were 1‚400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data‚ fill in the following chart to compare the results obtained under the FIFO‚ LIFO‚ and weighted-average inventory methods. Inventory Valuation Methods: Basic Computations FIFO Date Units available for sale 1-Jan 300 21-Feb 700 28-Mar 800 Total available for sale 1800 Cost of goods sold 1400 Units in ending inventory 1800 - 1400 = 400 Units Unit
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MID TERQuestion 2 1. In order to obtain information about benchmarks‚ a manager might join a trade association for the company’s particular industry. Answer True False 2 points Question 3 Management accounting and financial accounting are similar in which of the following respects? | | Both use the same unit of measurement. | | | Both rely heavily on the double-entry system. | | | Both produce almost all of their respective informational reports on a routine monthly basis
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28. Sales during the first quarter were 1‚400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data‚ fill in the following chart to compare the results obtained under the FIFO‚ LIFO‚ and weighted-average inventory methods. FIFO LIFO Weighted Average Goods available for sale $ $ $ Ending inventory‚ March 31 Cost of goods sold 3. Perpetual inventory system: journal entries. At the beginning of 20X3‚ Beehler
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Earnings The ratios and measurements affected include: • Cost of Goods Sold • Gross Margin • Gross Margin percentage of Sales • Income Before Taxes • Income Tax Expense • Pre-tax return on sales‚ and pre-tax return on assets Using LIFO vs. FIFO affects the ability to directly compare results because of the impact on gross margin and profit. Assuming merchandise costs are rising over time‚ accounting under LIFO will understate the net income (profit) for the current period by assigning the
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