Question - In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,700 and Job 11 $40,500. On March 31, Job 10 is sold to the customer for $40,500 in cash. Journalize the entries for the completion of the two ...
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Question - POR Corporation is an automobile manufacturer. POR has an unused piece of manufacturing equipment in one of its factories (i.e., a capital asset). POR has been approached by CIV Ltd., who would like to purchas ...
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Question - Carpenter Inc. had a balance of $80,000 in its quality-assurance warranty liability account as of December 31, 2015. In 2016, Carpenter's warranty expenditures were $445,000. Its warranty expense is calculated ...
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Question - Bubbles Co's reported 2018 beginning inventory of $1,800,000, purchases of $9,000,000, and sales of $11,400,000. A physical inventory count at 12/31/2018 reported ending inventory of $2,100,000. Bubbles' gross ...
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Question - What are the steps to obtain the expected stock price 5 years from now if stock is currently selling for $62.8 per share? The dividend is projected to increase at a constant rate of 7.5% per year. Required rat ...
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Question - Flounder Corporation sold $3,490,000, 7%, 5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. Flounder Corporation uses the straight-line method to amortize bo ...
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Question - On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 40% of sales. Sales to the date of the f ...
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Question - Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations. July 1: Issued common sh ...
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Question - Buffalo Industries markets CDs of numerous performing artists. At the beginning of March, Buffalo Industries had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Buffalo Industries made t ...
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Question - On December 31, 2018, Fine Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2012. The old truck was purchased for $70,000 and had a book value of $26,600. On ...
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