The meaning and implications of using FIFO, LIFO, and weighted average cost-flow assumptions. 6. How to calculate depreciation using the straight-line method. 7. The journal entry for the issuance of bonds (at par, discount, or premium) and for the issuance of stock (at par or above par).
Discuss how Hincapie should report the proposed preferred stock issue. * General Disclosure- either on the face of the financial statement by means of parenthetical disclosure, or in the Notes of the financial statements "o 505-10-50-2: If both financial position and results of operations are presented, disclosure of changes in the separate accounts comprising shareholders’ equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative. Disclosure of such changes may take the form of separate statements or may be made in the basic financial statements or notes thereto " "o 505-10-50-3: An entity shall explain, in summary form within its financial statements, the pertinent rights and privileges of the various securities outstanding. Examples of information that shall be disclosed
All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units. 2. Management wants to maintain the finished goods inventory at 30% of the following month's sales.
Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time: • that has been arranged from the highest number to the lowest number. • to determine the amount and/or percentage increase or decrease that has taken place. • to determine which items are in error. • that has been arranged from the lowest number to the highest number. 24.
During 2011, Z-Mart made installments sales of $300,000 and received payments of $135,000 on those sales. Z-Mart's gross profit on sales is 30%. Required: Prepare the necessary journal entries for 2011. 10 Solutions Multiple Choice Question Number Answer 1 a 2 c 3 b 4 c 5 d 6 c 7 a
5. In the year prior to retirement, a worker earned $20,000 and paid $5,000 in taxes on those earnings. His annual Social Security pension is $10,000 per year. Then it follows
Standards: Strand 1: Reading Process Concept 4: Vocabulary: PO 1. Use knowledge of root words and affixes to determine the meaning of unknown words. PO 2. Use context to determine the relevant meaning of a word. PO 3.
In which current and noncurrent asset categories are investments reported by Merck? What criteria are used to determine the classifications? The 2008 balance sheet reports the following two current and one noncurrent asset categories ($ in millions): 2009 2008 CURRENT ASSETS: Cash and cash equivalents $ 9,311.4 $ 4,368.3 Short-term investments $293.1 $1,118.1 NONCURRENT ASSETS: Investments $432.3 $6,491.3 In the summary of significant accounting policies (Note 2), Merck describes its policy regarding investments classified as "cash equivalents." It is consistent with the way most companies classify "cash equivalents." CASH AND CASH EQUIVALENTS -- Cash equivalents are comprised of certain highly liquid investments with original maturities of less than three months.
(4 points) Word #1- Word #2- 4. Text structure (compare/contrast, cause/effect, chronological order, sequence, problem and solution). Provide support for your answer. (2 points) 5. Purpose of the text (expository, argumentative, entertainment, informative) Provide support for your answer.
On March 31, 2011, Mary borrowed $200,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's 2011 deduction for her points paid? A.