Q: A company reports the following: Cost of goods sold ………………………….
A company reports the following: Cost of goods sold …………………………. $660,000 Average inventory ……………………………. 60,000 Determine (a) The inventory turnover and (b) The number of days’ sales in inventory. Rou...
See AnswerQ: The payroll register of Ruggerio Co. indicates $10,500
The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total salaries of $175,000 for the period. Earnings of $30,000 are subject to...
See AnswerQ: Prior to liquidating their partnership, Manning and Adamo had capital accounts
Prior to liquidating their partnership, Manning and Adamo had capital accounts of $240,000 and $150,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was real...
See AnswerQ: On May 27, Hydro Clothing Inc. reacquired 75,000
On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54,000 of the reacquired shares at $11 per share. On November 14, Hydro Cl...
See AnswerQ: On the first day of the fiscal year, a company issues
On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 × 11% × ½), receiving cash of $8,308,869. Journalize the...
See AnswerQ: On January 1, Valuation Allowance for Available-for-Sale
On January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $24,260, and the fair value was $26,350. Prep...
See AnswerQ: IZ Corporation purchased land for $400,000. Later in
IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $240,000. How are the effects of these transactions reported...
See AnswerQ: A company reports the following: Cost of goods sold ……………………………..
A company reports the following: Cost of goods sold …………………………….. $435,000 Average inventory ………………………………… 72,500 Determine (a) The inventory turnover and (b) The number of days’ sales in inventory....
See AnswerQ: The payroll register of Longboat Co. indicates $5,400
The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of Medicare tax withheld on total salaries of $90,000 for the period. Earnings of $10,000 are subject to st...
See AnswerQ: On May 23, Stoltz Realty Inc. issued for cash 80
On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of $3) at $12. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% s...
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