...ACC211 Homework Chapter 9 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-9/ Brief Exercise 9-2 Your answer is correct. Floyd Corporation has the following four items in its ending inventory. Brief Exercise 9-2 Brief Exercise 9-4 Your answer is correct. Bell, Inc. buys 1,200 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $14,900. Bell will group the CDs into three price categories for resale, as indicated below Brief Exercise 9-4 Brief Exercise 9-7 Your answer is correct. Brief Exercise 9-8 Your answer is correct. Boyne Inc. had beginning inventory of $17,900 at cost and $23,500 at retail. Net purchases were $143,420 at cost and $181,700 at retail. Net markups were $12,800; net markdowns were $7,200; and sales revenue was $148,100. Compute ending inventory at cost using the conventional retail method. Brief Exercise 9-8 Cost Retail Beginning inventory $17,900 $23,500 Exercise 9-9 Your answer is correct. Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2014, at an agreed price of $570,120. At December 31, 2014, the raw material had declined in price to $543,070. Exercise 9-4 Your answer is correct. Corrs Company began...
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...ACC211 Homework Chapter 8 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-8-17/ Brief Exercise 8-8 Midori Company had ending inventory at end-of-year prices of $138,500 at December 31, 2013; $165,771 at December 31, 2014; and $181,366 at December 31, 2015. The year-end price indexes were 100 at 12/31/13, 113 at 12/31/14, and 118 at 12/31/15. Brief Exercise 8-8 Brief Exercise 8-9 Your answer is correct. Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Brief Exercise 8-9 2014 inventory at base amount ($22,363 ÷ 1.07) $20,900 2013 inventory at base amount (20,000 ) Exercise 8-10 Exercise 8-2 Your answer is correct. In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2014, showed merchandise with a cost of $449,800 was on hand at that date. You also discover the following items were all excluded from the $449,800. Exercise 8-2 Inventory per physical count $449,800 The goods in transit from a vendor of $83,150, shipped f.o.b. destination, are properly excluded from the inventory because the title to the goods does not pass to Oliva until the buyer (Oliva) receives them. Exercise 8-15 Weighted average-cost per unit $ 8.91 Exercise 8-15 Beginning inventory January 5, 2014 ...
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...ACC211 Exercise chapter 6 Click Link Below To Buy: http://hwcampus.com/shop/acc211-exercise-chapter-6/ Brief Exercise 6-1 Chris Spear invested $17,840 today in a fund that earns 8% compounded annually. (Use the tables below.) Brief Exercise 6-2 Your answer is correct. Tony Bautista needs $23,990 in 3 years. (Use the tables below.) Solution Brief Exercise 6-2 Brief Exercise 6-8 Your answer is correct. John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $417,900. He estimates that the boat he wants will cost $331,800 when he retires in 4 years. (Use the tables below.) Brief Exercise 6-8 With quarterly compounding, there will be 16 quarterly compounding periods, at 1/4 the interest rate: Brief Exercise 6-9 Your answer is correct. Brief Exercise 6-11 Your answer is correct. Leon Tyler’s VISA balance is $647.01. He may pay it off in 12 equal end-of-month payments of $65 each What interest rate is Leon paying? Exercise 6-1 Your answer is correct. For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor. Exercise 6-3 Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.) ...
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...ACC211 Chapter 4 Click Link Below To Buy: http://hwcampus.com/shop/acc211-chapter-4/ Brief Exercise 4-5 Your answer is correct. Stacy Corporation had income before income taxes for 2014 of $6,325,000. In addition, it suffered an unusual and infrequent pretax loss of $787,700 from a volcano eruption. The corporation’s tax rate is 30%. Prepare a partial income statement for Stacy beginning with income before income taxes. The corporation had 4,954,000 shares of common stock outstanding during 2014. Brief Exercise 4-7 Your answer is correct. Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2014, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $385,820 instead of $302,620. In 2014, bad debt expense will be $130,260 instead of $92,200. If Vandross’s tax rate is 27%, what amount should it report as the cumulative effect of changing the estimated bad debt rate? Brief Exercise 4-8 Your answer is correct. In 2014, Hollis Corporation reported net income of $1,077,000. It declared and paid preferred stock dividends of $269,000. During 2014, Hollis had a weighted average of 199,100 common shares outstanding. Compute Hollis’s 2014 earnings per share. Brief Exercise 4-10 Your answer is correct. Portman Corporation has retained earnings of $720,100 at January 1, 2014. Net income during 2014 was $1,651...
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