Strayer university acc/557 entire couse (instant download) | English homework help
- Included in the count was $40,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Strawser's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all."
ACC 557 Week 6 E6-7
Question
Jones Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory. ACC 557 Week 6 E6-9
Question
Americus Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
Instructions
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis. ACC 557 Week 6 E6-11
Question
Lebo Hardware reported the cost of goods sold as follows:
Lebo made two errors: (1) 2008 ending inventory was overstated by $3,000 and (2) 2009 ending inventory was understated $6,000.
Instructions
Compute the correct cost of goods sold for each year. ACC 557 week 6 P6-2A
Question
Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of $7. During March Glanville made the following purchases of Clooney CDs. ACC 557 week 6 P6-5A
Question
You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory.
Instructions
(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (Round weighted-average cost per unit to 3 decimal places, e.g. 2.250. Use the rounded amount for future computations. Round gross profit rate to 1 decimal place, e.g. 10.5 and all other answers to 0 decimal places, e.g. 125.) (1) LIFO. (2) FIFO. (3) Average-cost. ACC 557 Week 7
E7-2
Presented below are some business transactions that occurred during 2008 for Vicki Prowitz Company. (a) Merchandise inventory with a cost of $208,000 is reported at its market value of $260,000.The following entry was made. Merchandise Inventory 52,000 Gain 52,000 (b) Equipment worth $62,000 was acquired at a cost of $41,000 from a company that had water damage in a flood.The following entry was made. Equipment 62,000 Cash 41,000 Gain on Purchase of Equipment 21,000 (c) The president of Vicki Prowitz Company, Mark Nabke, purchased a truck for personal use and charged it to his expense account.The following entry was made. Travel Expense 18,000 Cash 18,000 (d) An electric pencil sharpener costing $50 is being depreciated over 5 years. The following entry was made. Depreciation Expense—Pencil Sharpener 10 Accumulated Depreciation—Pencil Sharpener 10
Instructions
In each of the situations above, identify the assumption, principle, or constraint that has been violated, if any. Discuss the appropriateness of the journal entries, and give the correct journal entry, if necessary.
E 7-4
Consider the following transactions of Parolini Company for 2008. For each item below, indicate the amount of revenue Parolini Company should recognize in calendar year 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) E 7-8 a Net sales, net income, total assets, and total common stockholders' equity information for a recent year is available for the following three companies. All amounts are in millions. Company Net Sales Net Income Total Assets Total Common Equity Southern Company $11,251 $1,474 $35,045 $9,648 Toys "R" Us, Inc. $11,305 $229 $10,218 $4,222 Intel Corp. $30,141 $5,641 $47,143 $37,846
Required:
Compute the following relationships for each company.