...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 3 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-3-wileyplus-new Question 1 Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 | | | Debit | | Credit | Cash | | $ 6,850 | | | Accounts Receivable | | 7,000 | | | Supplies | | 2,044 | | | Prepaid Insurance | | 3,480 | | | Equipment | | 15,000 | | | Accounts Payable | | | | $ 4,280 | Unearned Service Revenue | | | | 5,200 | Common Stock | | | | 22,134 | Service Revenue | | | | 8,000 | Salaries and Wages Expense | | 4,000 | | | Rent Expense | | 1,240 | | | | | $39,614 | | $39,614 | In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. | | Supplies on hand at June 30 total $850. | 2. | | A utility bill for $181 has not been recorded and will not be paid until next month. | 3. | | The insurance policy is for a year. | 4. | | Services were performed for $4,370 of unearned service revenue by the end of the month. | 5. | | Salaries of $1,338 are accrued at June 30. | 6. | | The equipment has a 5-year life with no salvage...
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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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