...ACC 290 Week 5 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-5-wileyplus-new Question 1 In its first month of operation, Kuhlman Company purchased 310 units of inventory for $5, then 410 units for $6, and finally 350 units for $7. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Question 2 Sadowski Video Center accumulates the following cost and market data at December 31. Inventory Categories | | Cost Data | | Market Data | Cameras | | $11,475 | | $12,565 | Camcorders | | 8,599 | | 9,289 | DVDs | | 11,359 | | 10,039 | Compute the lower-of-cost-or-market valuation for Sadowski inventory. The lower-of-cost-or-market value | | $ | Question 3 The financial statements of Tootsie Roll are presented below. Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.) What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.) Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.) Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.) What are the (product)...
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...ACC 290 Week 4 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-4-wileyplus-new Question 1 Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 12,023 shares of common stock for $12,023 cash. 1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account. 3 Purchased cleaning supplies for $917 on account. 5 Paid $2,280 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,890 for cleaning services. 18 Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies. 20 Paid $2,070 cash for employee salaries. 21 Collected $1,753 cash from customers billed on July 12. 25 Billed customers $2,620 for cleaning services. 31 Paid $370 for maintenance of the truck during month. 31 Declared and paid $616 cash dividend. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.) Prepare a trial balance at July 31. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent...
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...ACC 290 Week 2 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-2-wileyplus-new Question 1 Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $22,450 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $468 per week, payable monthly. 2 Paid office rent for the month $1,122. 3 Purchased architectural supplies on account from Burlington Company $1,621. 10 Completed blueprints on a carport and billed client $2,370 for services. 11 Received $873 cash advance from J. Madison to design a new home. 20 Received $3,492 cash for services completed and delivered to M. Svetlana. 30 Paid secretary-receptionist for the month $1,872. 30 Paid $374 to Burlington Company for accounts payable due. Journalize the transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.) Prepare a trial balance on April 30, 2014. Question 2 This is the trial...
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