Chapter 8, Problem 4RP

Accounting 15

Financial Accounting

The following beginning and ending inventory levels are planned for next year

Gary receives $51,000 worth of Quantro, Inc., common stock from his late grandmother's estate. Early in the year, he receives a $250 cash dividend. Four months later, he received a 2% stock dividend. Near the end of the year, Gary sells the stock for $55,000. Due to these events only, how much must Gary include in his gross income for the year? Answer this

Can you solve these general accounting question?

General Accounting

Ans

Gest Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $76,500 and at the end of the month was $82,750. The cost of goods manufactured for the month was $389,500. The actual manufacturing overhead cost incurred was $135,500 and the manufacturing overhead cost applied to jobs was $127,500. The adjusted cost of goods sold that would appear on the income statement for November is __.

Why does measurement attribute selection affect reporting quality? a) Standards fit everything b) Single measures work universally c) Selection wastes time d) Different value bases serve varying information needs