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Multiple ChoiceGross margin refers to the net profit from sale of goods. It is calculated by subtracting cost of goods sold from sales revenue. Consigned goods are owned by the consignor, but the goods are physically present in the business of the consignee. Care must be taken not to count goods held on consignment in the company’s physical inventory tally. Specific identification works best for highly differentiated goods, large ticket items, customization, and small lot sizes. In all these cases, it is reasonably easy to keep track of the actual cost of each item, to be used to offset the sales price, when the goods are sold. LCM sets out to record a conservative value for inventory by ensuring that goods that have decreased in value since their purchase can be revalued to match their current replacement market value. The FIFO method assumes the first units acquired are sold first. On a periodic basis, that means that ending inventory can be determined by calculating the number of units remaining, and assuming that the cost of those units is the amount paid for the latest purchase; cost of goods sold is all inventory cost that is not in the ending inventory. For perpetual, inventory held at the time of each sale is evaluated and units acquired earliest are costed out against that particular sale. The weighted-average method requires that the average cost be computed for all units that are available for sale. For periodic weighted average, the total dollar amount of goods available for sale should be divided by the total number of units available for sale, to obtain the average cost for the entire period. For perpetual, the average cost would be recalculated each time the total number of units changes, using the same strategy as described for periodic, but using the cost and number of units that are available at the time of sale. Causes of inventory errors might be related to consigned goods, goods delivered before or after the title transfers, sloppy inventory counts, lost records, calculation errors, and any other circumstance that causes inaccuracy in the counts. The inventory turnover ratio reveals the liquidity of the inventory by highlighting how many times during the year the entire inventory cycle could be rotated, based on the cost of the inventory sold, compared to the average cost of the unsold inventory. Days’ sales in inventory reveals how many days it typically takes to turn inventory around, from date of purchase to date of sale. This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission. Want to cite, share, or modify this book? This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License and you must attribute OpenStax. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters - Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
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- Book title: Principles of Accounting, Volume 1: Financial Accounting
- Publication date: Apr 11, 2019
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- Section URL: https://openstax.org/books/principles-financial-accounting/pages/chapter-10
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Mcgraw Hill Connect Chapter 10 help 1 answer below » 298+ Users Viewed  60+ Downloaded Solutions  Florida, US Mostly Asked From | Mcgraw Hill Connect Chapter 10 help | | McGraw Hill Connect, Chapter 10 Accounting assignment includes: AS WELL AS: ---- SEE BELOW: Classify each of the following as ordinary maintenance and repairs, asset improvements, or extraordinary repairs. Equipment acquired at a cost of $126,000 and has a book value of $42,000. Journalize the disposal of equipment under the following assumptions. Identify each assumption by letter. | (a) | The equipment had no market value and was discarded. | | (b) | The equipment is sold for $53,000. | | (c) | The equipment is sold for $27,000. | | (d) | The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance. | PROBLEM #3 22 points An asset was purchased January 1, 20XX and the fiscal year ends December 31 st . Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar. Asset Cost = $200,000 Salvage Value = $25,000 Estimated Life = 8 Years Straight-line method: Double Declining Balance method: 1 Approved Answer Do you need an answer to a question different from the above? Ask your question!(Hide this section if you want to rate later) Was the final answer of the question wrong? Were the solution steps not detailed enough? Was the language and grammar an issue? Does the question reference wrong data/report or numbers? Stay Solved :) Didn't find yours?Get plagiarism-free solution within 48 hours Review Please Help us make our solutions betterRate this solution on a scale of 1-5 star Thank you for your feedback.Related questions, chapter 5 homework note: all homework assignments must be submitted through the blackboard course si. Solution: Step 1: Calculate the amount of discount available: - The terms 2/10, n/30 mean that the buyer can take a 2% discount if payment is made within 10 days;... Chapter 5 Homework Note: All homework questions must be submitted through the Blackboard course site. Chapter 5 Question 4: (0.5 point). On May 1, Xena Company purchased merchandise on account, $254,500, terms, 2/10, n/30. On May 4, $4,500 of...E m chapter 3 homework \ m mcgraw-hill connect l s m chapter 3 homework × x/ c | eztomheducation.com/hrm.tpx--0.1507452 1855066848 1506888719782 2. record the adjusting entries at the end of the year. (if no entry is required for a..., mcgraw hill connect, chapter 8 accounting question includes: chapter 8 homework and chapter 8 quiz completed online through mcgraw hill connect site with my credentials due no later than sunday, 04-14-2013 as well as: upload documents of chapter 8..., title: assistant controller in your home town prepare fund financial statements for a city, state or county government. note: the final project will be completed in steps – you must complete each section by the due date so that the professor can give..., recent questions in financial accounting, saman co exchanged a machinery with amar inc. in exchange for a building. saman also paid 50,000 to amar for this exchange. other details of the transaction are provided below: saman co. equipment: cost accumulated depreciation fair value required-..., bruce corporation makes four products in a single facility. these products have the following unit product costs: products a b c d direct materials $ 16.60 $ 20.50 $ 13.50 $ 16.20 direct labor 18.60 22.00 16.40 10.40 variable manufacturing overhead..., pedregon corporation has provided the following information: cost per unit cost per period direct materials $ 7.30 direct labor $ 4.20 variable manufacturing overhead $ 1.55 fixed manufacturing overhead $ 23,400 sales commissions $ 0.75 variable..., entries for equity investments: less than 20% ownership on february 22, triangle corporation acquired 7,900 shares of the 275,000 outstanding common stock of jupiter co. at $29.90 plus commission charges of $790. on june 1, a cash dividend of $1.00..., 1) for adjusting journal entry #1, what account did you debit group of answer choices salary payable equipment accumulated depreciation unearned revenue equipment expense salary expense service revenue depreciation expense question 21 pts for..., a) why do you to think accounting theories were developed in unstructured manner provide two(2) reasons (2.5 marks) b) normative period became one of significant debate about what is the ideal approach to measure and report financial information...., the purchase of supplies on account will result in a debit to supplies and a credit to accounts receivable. a debit to cash and a credit to supplies. a debit to supplies and a credit to accounts payable. a debit to accounts payable and a credit to..., the plant han sccurmuisted savings of $60 006 to acquire « new machine for the marlacture deperimon. the new machine costs $80,000 tho staight fine depreciation method ls used tery ile pleat. re equipments the income tas tute is 015 tho new..., the following transactions occurred during july: received $920 cash for services provided to a customer during july. received $2,400 cash investment from bob johnson, the owner of the business. received $770 from a customer in partial payment of his..., autosave c# 2. john ms100 quiz12c - excel scarch file home insert page layout formulas data review view help finess data share comments jason davidson autosum s calibri 11 ~a a == 89 wrap text general . m tex insert delete format 2 x out [copy format..., plagiarism checker. 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Access Connect Plus Accounting with LearnSmart 1-Semester Access Card for Financial Accounting 7e 7th Edition Chapter 10 solutions now. Our solutions are written by Chegg experts so you can be assured of the highest quality!
Now, with expert-verified solutions from Fundamental Accounting Principles 25th Edition, you'll learn how to solve your toughest homework problems. Our resource for Fundamental Accounting Principles includes answers to chapter exercises, as well as detailed information to walk you through the process step by step.
Study with Quizlet and memorize flashcards containing terms like In following journal entry, revenue is recognized: Cash XXXX Unearned XXXX, The Journal entry to record the return of inventory from a credit customer is:, The Journal entry to remove a specific customer's account, once it is identified as un-collectible, would debit __________, credit _________, and _________ net accounts ...
interest expense 525. cash 72,625. RS Company borrowed $70,000 on December 1 on a 6-month, 12% note. Which statement is true at December 31? -the note payable is a current liability, but the interest payable is not. -neither the note payable nor the interest payable is a current liability. -the interest payable is a current liability, but the ...
Requirement 1: Step 3 of 15. Calculate the maximum amount that S could borrow from the bank. Step 4 of 15. Step 1: Calculate total liabilities by using the following ratio formula: Step 5 of 15. Step 6 of 15. Step 2: Calculate maximum amount that S can be borrowed. Step 7 of 15.
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Connect Plus Online Access for Survey of Accounting | 2nd Edition. ISBN-13: 9780073360287 ISBN: 0073360287 Authors: Frances M McNair, Philip R Olds, Thomas P Edmonds, Bor Yi Tsay Rent | Buy
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This video covers the Chapter 10 homework from McGraw Hill. This video covers accounting for long-term liabilities, with a focus on accounting for bonds. Thi...
Integrated Excel. The power of Microsoft Excel meets the power of McGraw Hill Connect in our all-new integration of Excel in Connect. With Integrated Excel, Excel now opens seamlessly inside Connect with no need for uploading or downloading any additional files or software.Instructors choose their auto-grading solution, either grading for formula accuracy or for the solution value.
Why It Matters; 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting; 1.2 Identify Users of Accounting Information and How They Apply Information; 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities; 1.4 Explain Why Accounting Is Important to Business Stakeholders
Accounting Chapter 10: Exercises and Homework Questions. Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021:
Page 1 of 1. Accounting document from Hillsborough Community College, 1 page, 7/6/23, 11:43 PM Question 4 - Chapter 10 Homework - Connect Chapter 10 Homework x 4 100/100 Total points awarded Submitted Help Exit You received no credit for this question in the previous attempt. Show correct answers ! Required information 20/20 points.
Accounting (ACCT211) Exam (elaborations) ACCT 211 Connect Homework Chapter 10 Exercises answers complete solutions. Course; Accounting (ACCT211) Institution; Liberty University; On January 1, 2017, Boston Enterprises issues bonds that have a $1,200,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31 ...
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Financial Accounting (Chapter 10) 77 terms. mriddering. Preview. ACCT 251 - Chapter 10. 48 terms. jjennyha. Preview. Financial Ratios. Teacher 15 terms. Benjamin_Mire8. Preview. Concept Study guide Exam 3 BUS 110 (2) 20 terms. ryancip146. Preview. Acct examm 2. 11 terms. xXDepressionXx. Preview. Finance Study Guide 1st Semester. 160 terms ...
McGraw Hill Connect, Chapter 10 Accounting assignment includes: CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-28-2013. AS WELL AS: Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013---- SEE ...
Step-by-step solution. Step 1 of 9. Return on Asset: Return on Assets is calculated to forecast future profits by evaluating the previous year's performance. It helps the company to analyze the management's planning and activities. Return on Assets are also addressed as Return on Investments.
At Quizlet, we're giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Financial Accounting 6th Edition, you'll learn how to solve your toughest homework problems. Our resource for Financial Accounting includes answers to chapter ...
This is a course designed for non-accounting majors. The purpose of this book is to guide students ... All chapter quizzes will be assigned in Connect and are located under the modules tab. 4. Each chapter quiz will be open until 11:59 p.m. on the assigned due date. ... CH 10 HOMEWORK/SMARTBOOK 11/6-11/13 Wednesday .