The following inventory valuation errors have been discovered for Knox Corporation: · The 2015…

The following inventory valuation errors have been discovered for Knox Corporation: ∙ The 2015 year-end inventory was overstated by $23,000. ∙ The 2016 year-end inventory was understated by $61,000. ∙ The 2017 year-end inventory was understated by $17,000. The reported income before taxes for Knox was: Year…………………………….Income before Taxes 2015………………………………………..$138,000 2016…………………………………………254,000 2017…………………………………………168,000 Required: Compute what income before taxes for 2015, 2016, and 2017 should have been after correcting for the errors.

On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.Common Stock, $5 par…

On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.Common Stock, $5 par (2,000,000 shares authorized600, 000shares issued and outstanding) ……………….$3,000,000Paid-in Capital in Excess of Par Value………………1,800,000Retained Earnings……………………….810, 000During 2014, the following transactions and events occurred. 1. Issued 75,000 shares of $5 par value common stock for $9 per share. 2. Issued 60,000 shares of common stock for cash at $9.50 per share. 3. Purchased 25,000 shares of common stock for the treasury at $10 per share. 4. Declared and paid a cash dividend of $284,000. 5. Earned net income of $860,000.InstructionsPrepare the stockholders’ equity section of the balance sheet at December 31, 2014.View Solution:
On January 1 2014 Ferris Inc had these stockholders equity

Northwest Gift Shop, a retail business, started business on April 29, 2019. It keeps a $300 change f

Northwest Gift Shop, a retail business, started business on April 29, 2019. It keeps a $300 change fund in its cash register. The cash receipts for the period from April 29 to April 30, 2019, are shown below.
DATE TRANSACTIONS April 29 Cash sales per the cash register tape, $1,514. Cash count, $1,806. 30 Cash sales per the cash register tape, $1,421. Cash count, $1,724.

Record the cash receipts on April 29 and April 30, 2019, in a general journal.

Journal entry worksheet Cash sales per the cash register tape. $1.514. Cash count, $1,806. References Note: Enter debits before credits Date General Journal Debit Credit Apr 29, 2019 Record entry Clear entry View general Journal View transactions Journal entry worksheet Cash sales per the cash register tape. $1,421. Cash count: $1,724. Note: Enter debits before credits General Journal Debit Credit Date Apr 30, 2019 Record entry Clear entry View general journal

Which of the following is NOT a criticism of using ROI as the only performance measure? A) it may in

Which of the following is NOT a criticism of using ROI as the only performance measure?

A) it may incentivize short-term decisions at the expense of long-term planning

B) it may incentivize decisions that are effective at the division-level, but not necessarily at the enterprise-level

C) it may incentivize employees to act in ways that are consistent with the overall goals and objectives of the organization

D) it may be to reliant on subjective or arbitrary allocations of capital

1. What factors contribute to a firm engaging in sexual discrimination? 2. What factors should the..

1. What factors contribute to a firm engaging in sexual discrimination? 2. What factors should the board of directors consider if there is an internal complaint of sex discrimination on the basis of pay and promotion? 3. What other costs might Dell incur because of its practice of discrimination? 4. How can a firm ensure that it does not engage in sexual discrimination? In October 2008, Jill Hubley, a former senior strategist in the Dell Americas human resource group, a Dell Inc. division located in Texas, filed a lawsuit against the world’s second-largest maker of personal computers. She alleged that Dell had systematically discriminated against female employees with respect to compensation and promotion. Her contention was that the men at Dell were paid higher wages for equal work, and that women were not promoted to senior management positions.

Explain why companies prepare and present financial statements annually.

Explain why companies prepare and present financial statements annually.

The following transactions are taken from the books of Miller Manufacturing. i (Click the icon to vi

The following transactions are taken from the books of Miller Manufacturing. i (Click the icon to view the transactions.) Requirement Show the effect of each transaction on assets, liabilities, and equity using the accounting equation. (If a box is not used in the table leave the box empty; do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: Contr. Cap. Contributed Capital; Acc. OCI Comprehensive Income; Beg. R/E= Beginning Retained Earnings, Rev. = Revenues; Exp. = Expenses; Div. = Dividends.) Accumulated Other Stockholders' Equity = Liabilities + Assets X Ending Retained Earnings Transactions Exp. and = Liabilities + Div Cash Noncash Contr Аcс. Beg. Rev. and Сар. Declared Assets OCI R/E Gains Losses 30000 Bought office equipment with cash, $30,000 Bought supplies on credit from a vendor, $15,000. Sold goods for cash, $40,000 (ignore the inventory and cost of goods sold entry of this transaction). 15000 a. а. b. c. d. Bought raw materials from a supplier on account, $22,000. e. Sold goods to customers on account, $65,000 (ignore the inventory and cost of goods sold entry of this transaction) f. Purchased raw materials by issuing a note payable, $14,000. g. Paid cash toward note payable balance, $4,000. h. Received cash from customer to apply to credit account balance, $3,000. i. Paid for accounting and legal fees in cash, $5,000 j. Paid salaries in cash, $12,000. Print Done

One company acquired another in a transaction in which $100,000 of the acquisition price is assigned

One company acquired another in a transaction in which $100,000 of the acquisition price is assigned to goodwill. Several years later, a worksheet is being produced to consolidate these two companies. How is the reported value of the good will determined at this date?View Solution:
One company acquired another in a transaction in which 100 000

Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of 1 answer below »

Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the companyAc€?cs operations last year follow:

Units in beginning inventory…. 0

Units produced………………….. 250

Units sold…………………………. 225

Units in ending inventory……. 25

Variable costs per unit:

Direct Materials……………….. $100

Direct Labor……………………. $320

Variable Manufacturing overhead $ 40

Variable selling & administrative $ 20

Fixed Costs:

Fixed Manufacturing Overhead… $60,000

Fixed selling & administrative….. $20,000

Required:

Assume that the company uses absorption costing. Compute the unit product cost for one gamelan.

Assume that the company uses variable costing. Compute the unit product cost for one gamelan

Miller Company reported net income of $78,750 and net sales of $630,000 for the current year….

Miller Company reported net income of $78,750 and net sales of $630,000 for the current year. Compute Miller’s profit margin and interpret the result. Assume that Miller’s competitors achieve an average profit margin of 15%. View Solution:
Miller company reported net income of 78750 and net sales