Question - Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Date Transaction Quantity Unit Cost Unit Sales Price Jan 01 Beginning inventory 5 $90 Jan 03 Sa ...
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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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Question: 1. On October 1, 2007, Eagle Company forecasts the purchase of inventory from a British supplier on February 1, 2008, at a price of 100,000 British pounds. On October 1, 2007, Eagle pays $1,800 for a three-mont ...
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Question - Moath Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 204 $6 $1,224 June 12 Purchase 408 7 2,856 June 23 Purchase 306 8 2,448 June 30 Inventory ...
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Question - ELS, an S corporation, reported a business loss of $1,000,000. Ethan, ELS's sole shareholder, is involved in ELS's daily business activities and he reports $1,200,000 of taxable income from sources other than ...
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Questions - Q1. Donald Corp. Reported the following on its comparative income statement (in millions): 2017 2016 2015 Revenue $728 $675 $500 Cost of goods sold 312 258 220 Prepare horizontal analysis of revenues and cost ...
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Question - XYZ Ltd has a balance day of 31 December. On 1 January 2XX3, it had an opening inventory balance of $12,000. XYZ Ltd purchased $23,000 worth of goods for resale. On 31 December 2XX3, the closing inventory bala ...
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Question - Earnings per Share - At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shar ...
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Questions - Q1. During 2017, Belen paid the following taxes: Property taxes on residence (paid from escrow account)$1,550Property tax portion of car registration (based on value) 400Property taxes on land held for long-t ...
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Question - If a company purchases land for $1,000,000, paying $400,000 cash and borrowing the remainder with a long term note payable. Please give explanation for understanding on how this transaction be reported on a st ...
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