in ending inventory is a. | FIFO | b. | Specific identification | c. | LIFO | d. | Average cost | Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 | Inventory | 20 units at $20 | 4 | Sold | 10 units | 10 | Purchased | 30 units at $25 | 17 | Sold | 20 units | 30 | Purchased | 10 units at $30 | _____ 2. If Addison uses FIFO, the cost of the ending merchandise
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--Future value of annuity due = (1+r) * P(((1+r)^n - 1)/r) --Bonds: Dr. Cash, Cr. Discount, Cr. Bonds Payable (par value) First entry for first payment of interest: Dr. Interest Expense, Cr. Cash, Cr. Discount on bonds payable --Cash: coin, currency, available funds on deposit at bank, money order, certified checks, cashier’s checks, personal checks, bank drafts, and saving accounts. Inclunding Cash equivalents: T-bill, commercial paper, money mkt funds. Restricted: plant expansion, retirement
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FMV)Available-for-sale sec (d/eq neither holding nor selling) (more likely to be misinterpreted)B/S: Fair ValueI/S: No effect (ur. G/L goes to other comprehensive inc) | Inventory | FIFO/Weighted ave costB/S: lower of the cost or NRVWrite-down to the value is allowed | FIFO/LIFO/WACB/S: lower of the cost or MVWrite-down is forbidden If LIFO is used, LIFO reserve (COGSLIFO-COGSFIFO) should be disclosed in the footnotes. | PP&E | B/S: org cost-A.dep; if it was written-up, use FMV-A.depIf the future up will be within
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ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership, both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income, and their
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Perpetual Inventory System Inventory systems are used by organizations to calculate and maintain the cost of the inventory as well as purchase them based on reorder stock level. There are many forms of inventory systems, namely, Periodic, Perpetual, point order and many others. This document describes perpetual inventory system in detail. Perpetual Inventory system describes the process of monitoring and managing inventory where the sale of each product or goods is recorded as it is sold and inventory
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EXERCISES E6–1. Sales revenue ($850 + $700 + $450) ......................................................................... Less: Sales discount ($850 collected from S. Green x 2%) ...................................... Net sales .................................................................................................................... E6–2. Sales revenue ($3,000 + $9,000 +$4,000) ................................................................. Less: Sales discounts ($9,000 collected from
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Is LIFO Fair? Scott Olson/Getty Images Exxon Mobil Corporation, like many U.S. companies, uses LIFO to value its inventory for financial reporting and tax purposes. In one recent year, this resulted in a cost of goods sold figure that was $5.6 billion higher than under FIFO. By increasing cost of goods sold, Exxon Mobil reduces net income, which reduces taxes. Critics say that LIFO provides an unfair “tax dodge.” As Congress looks for more sources of tax revenue, some lawmakers
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I الجامعة اإلسالمية -غزة كليــــــة التـــجــــــــارة قســــم المحــاسبـــــــــة Islamic University – Gaza Faculty of Commerce Department of Accounting A Graduation Research Proposal Presented to the Faculty of Commerce The Islamic University of Gaza Prepared By Mosa zuhair al-nassan Mosbah al-shaghnobi Mohammed Nabaheen 120091941 120092552 120102597 Supervisor's name Mr. Salah Shubir 3102 I I A Holy Qur'an Verse A Holy Qur'an Verse
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A review of Kroger’s annual report. Introduction This paper takes a look Kroger’s fiscal year 2010 Annual Report. Introduction The first part of Kroger’s annual report is an introduction on managements responsibility for financial reporting and managements report on internal control. These statements are an introduction to the report and set the tone for the annual report. In this section Kroger states their firm belief in operating ethically and identifies the group that audits their
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Accounting Practices 1 Accounting Practices and Entries Axia College of University of Phoenix Angela Sherrell HCA/270 July 4, 2010 Accounting Practices 2 Business owners view companies as similar to human beings. As people visit their doctors regularly to help maintain their physical health, business owners have to monitor their business’s health on a regular basis. Accounting, which is defined as “the process of identifying, measuring, and communicating economic information
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