Supplies Inventory Prepaid Insurance Non-Current Display Shelving Computer Equipment Total Assets Liabilities Current Creditors Accruals Non-Current Bank Loan Total Liabilities Net Assets Owners Equity Inventory c) d) e) f) Balance as above Assume FIFO Assume LIFO Assume SP is $1 Quantity Unit Price 1,200 1.35 1,200 1,200 1,200 N/A N/A 0.90 Total $ 1,620 1,680 1,540 1,080 27,060 110 1,620 600 29,390 2,000 2,080 4,080 33,470 230 190 420 10,000 10,420 23,050 46,100
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P6-6B Revised Solution Note: This problem has a couple of remaining issues…First, on November 3, Yoshi only paid freight for 70 of the 80 units that were delivered on November 2. A possible explanation is that Yoshi called the supplier on November 2 and said that ten of the units received were damaged and the supplier agreed to pay the freight for the ten units and pick them up on the 9th. Second, we don't know if Yoshi took the discount on the units purchased on the 21st, but evidently not.
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Adverse selection is a type of information asymmetry whereby one or more parties to a business transaction, or potential transaction, have an information advantage over other parties. Moral hazard is a type of information asymmetry whereby one or more parties to a business transaction, or potential transaction, can observe their actions in fulfillment of the transaction but other parties cannot. Financial reports reduce information asymmetries between managers and investors by supplying information
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purchased on April 18, 2012: $7 ($210 ÷ 30). Basis per share of stock purchased on September 29, 2012: $10 ($900 ÷ 90). Sale on November 28, 2012: 30 shares (all of 4-18-12 purchase) $ 210 18 shares (18 of 9-29-12 purchase) 180 Basis under FIFO $ 390 Selling price $ 576 Less: Basis 390 Gain $ 186 Sale on December 8, 2012: Selling price $ 188 Less: Basis (25 × $10) 250 Loss ( $ 62) Combining the two sales: Gain $ 186 Loss
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Cost Accounting B.Com (Annual) Part-II Paper-IV Maximum Marks: 100 (Pass Marks: 40) Duration of Examination: 3 hrs Course Contents: Topic Source Sections Concept and Scope of Accounting: Definition, cost elements, nature and objective, charts of accounts and coding in cost accounting. Ch 2, Book 1 A Cost Classification and Flow: Product and period cost, direct and indirect cost, Differential cost and revenue, Opportunity and Sunk cost, fixed and variable cost, mixed cost, statement
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Internal Audit Internal auditing is a self-governing, objective assurance and consulting movement designed to add value and advance an organization's operations. The main objective of the internal audit activity is to determine whether the organization/company’s network of risk management, control, and governance processes, as designed and represented by the management, is adequate and functioning in a manner to ensure: risks are identified and managed, objectives are achieved, and compliance with
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| US | JAPAN | CHINA | GERMANY | NETHERLAND | FRANCE | PROFESSIONALISM | Regulation environment:1. accounting is regulated by private-sector body(FASB), but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified
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Here are the resources I use from internet. http://www.improvemybusiness.com.au/improve-cash-flow/professional-services/cash-inflow-cash-outflow-managing-your-business-cash-flow http://www.csun.edu/~hfact004/inventory_cost_flow_assumptions.htm Ideally, a company will have more money flowing into the business than out. Businesses sell products and services to generate income. Generally, the most common sources of cash for a company are: payment for goods or services from customers, receipt of
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2015 (Saturday nearest January 31). From page 39, we are told that 95% of inventories in 2014 and 2013 were counted using a LIFO costing method, stating the lower of cost or market. However, Kroger’s fuel inventory levels are determined using the FIFO cost method. The company uses the Link-Chain, Dollar-Value LIFO method to calculate its LIFO charge. Also on page 39, we are told that Kroger mainly uses the straightline method for depreciation and amortization expense. Buildings and land improvements
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ACCOUNTING STANDARD-2: ACCOUNTING STANDARD -2 VALUATION OF INVENTORIES PURPOSE: PURPOSE Specifies the principals for valuing the inventory. Disclosure of the specific policies adopted by the management for the valuation of inventory. SCOPE: SCOPE This statement should be applied in accounting for inventories other than : Work in progress arising under construction contracts, including directly related service contracts. Work in progress arising in the ordinary course of business of service
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