EBK INTERMEDIATE ACCOUNTING: REPORTING
2nd Edition
ISBN: 9781305727557
Author: PAGACH
Publisher: YUZU
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Chapter 7, Problem 20E
1.
To determine
Explain the conditions in which the inventory liquidation of Company H is not reported in the first quarter interim financial statements.
2.
To determine
State the
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Use the following information to answer questions. (Algo)
[The following information applies to the questions displayed below.]
Information on Kwon Manufacturing's activities for its first month of operations follows:
a. Purchased $100,800 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
Job 202
Total direct materials
Indirect materials
Total materials used
$ 49,000
24,400
73,400
9,420
$ 82,820
c. Time tickets show the following labor used for the month.
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Job 201
$ 40,000
Job 202
13,400
Total direct labor
53,400
25,000
$ 78,400
Indirect labor
Total labor used
d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
e. Transferred Job 201 to Finished Goods Inventory.
f. Sold Job 201 for $166,160 on credit.
g. Incurred the following actual other…
quesrion 2
Anti-Pandemic Pharma Co. Ltd. reports the following information in
its income statement:
Sales = $5,250,000;
Costs = $2, 173,000;
Other expenses = $187,400;
Depreciation expense = $79,000;
Interest expense= $53,555;
Taxes $76,000;
Dividends $69,000.
$136,700 worth of new shares were also issued during the year and
long-term debt worth $65,300 was redeemed.
a) Compute the cash flow from assets
b) Compute the net change in working capital
(325 marks)
Chapter 7 Solutions
EBK INTERMEDIATE ACCOUNTING: REPORTING
Ch. 7 - Distinguish among the types of inventory accounts...Ch. 7 - Prob. 2GICh. 7 - Describe the flow of costs for o merchandising...Ch. 7 - Describe the relationship between cost of goods...Ch. 7 - Explain the differences between the perpetual and...Ch. 7 - Prob. 6GICh. 7 - Prob. 7GICh. 7 - Prob. 8GICh. 7 - Prob. 9GICh. 7 - Prob. 10GI
Ch. 7 - Prob. 11GICh. 7 - Prob. 12GICh. 7 - Prob. 13GICh. 7 - Prob. 14GICh. 7 - Discuss the LIFO and FIFO cost flow assumptions...Ch. 7 - Prob. 16GICh. 7 - Prob. 17GICh. 7 - List the acceptable cost flow assumptions under...Ch. 7 - Prob. 19GICh. 7 - Describe the double-extension and link-chain...Ch. 7 - Prob. 21GICh. 7 - What is the impact of LIFO inventory liquidation...Ch. 7 - Goods on consignment should be included in the...Ch. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - Prob. 5MCCh. 7 - Prob. 6MCCh. 7 - Prob. 7MCCh. 7 - Assuming no beginning inventory, what can be said...Ch. 7 - Prob. 9MCCh. 7 - When the double-extension approach to the...Ch. 7 - On December 31, Pitts Manufacturing Company...Ch. 7 - On January 1, Pope Enterprises inventory was...Ch. 7 - Reid Company uses the periodic inventory system....Ch. 7 - Billings Company uses a periodic inventory system....Ch. 7 - Dani Corporation signed a binding commitment on...Ch. 7 - Prob. 6RECh. 7 - Prob. 7RECh. 7 - On October 23, Johnson Company purchased 100,000...Ch. 7 - Prob. 9RECh. 7 - Jessie Stores uses the periodic system of...Ch. 7 - Jessie Stores uses the periodic system of...Ch. 7 - Carla Company uses the perpetual inventory system....Ch. 7 - Carla Company uses the perpetual inventory system....Ch. 7 - On January 1 of Year 1, Dorso Company adopted the...Ch. 7 - An evaluation of Bryces Bookstores inventory was...Ch. 7 - Inventory Accounts for a Manufacturing Company...Ch. 7 - Prob. 2ECh. 7 - Perpetual versus Periodic Inventory Systems Graham...Ch. 7 - Determining Net Purchases The following amounts...Ch. 7 - Prob. 5ECh. 7 - Items Included in Inventory The following are...Ch. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Discounts Nelson Company bought inventory for...Ch. 7 - Alternative Inventory Methods Nevens Company uses...Ch. 7 - Alternative Inventory Methods Park Companys...Ch. 7 - Alternative Inventory Methods Frate Company was...Ch. 7 - LIFO, Perpetual and Periodic Riedel Companys...Ch. 7 - Dollar-Value LIFO A company adopted the LIFO...Ch. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Prob. 17ECh. 7 - Prob. 18ECh. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Cost of Goods Sold As an accountant for Lee...Ch. 7 - Alternative Inventory Methods Garrett Company has...Ch. 7 - Totman Company has the following transactions...Ch. 7 - Prob. 8PCh. 7 - Prob. 9PCh. 7 - Prob. 10PCh. 7 - Prob. 11PCh. 7 - Prob. 12PCh. 7 - Prob. 13PCh. 7 - Prob. 14PCh. 7 - Prob. 15PCh. 7 - Prob. 16PCh. 7 - Prob. 17PCh. 7 - Prob. 18PCh. 7 - FIFO and LIFO A company may compute inventory...Ch. 7 - Prob. 2CCh. 7 - In January, Broome Inc. requested and secured...Ch. 7 - Prob. 4CCh. 7 - Prob. 5CCh. 7 - Interpretation of GAAP and Ethical Issues Robin...Ch. 7 - Selection of an Inventory Method and Ethical...Ch. 7 - Prob. 8CCh. 7 - Analyzing Nestls Cash and Receivables Disclosures...Ch. 7 - Fenimore Manufacturing Company uses the average...
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