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### Ch6

Course: ACG 2021, Fall 2008
School: UCF
Rating:

Word Count: 142

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Inventory 6-14 1. 2770 A/P 2770 2. A/R (13 * 500) 6500 Sales Revenue 6500 Costs of goods sold (5 * 160) + (8 *170). 2160 Inventory 2160 3. Sales Revenue 6500 Cost of goods sold (2160) Gross Profit 4340 Ending Inventory = (800+ 1870 + 900 2160) = 1410 6-15 1a. SPECIFIC UNIT COST Costs of goods sold: (2 * 160) + (11 * 170) = 2190 Ending Inventory: (3570 2190) = 1380 b. AVERAGE COST Costs of goods sold: (13 *...

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Inventory 6-14 1. 2770 A/P 2770 2. A/R (13 * 500) 6500 Sales Revenue 6500 Costs of goods sold (5 * 160) + (8 *170). 2160 Inventory 2160 3. Sales Revenue 6500 Cost of goods sold (2160) Gross Profit 4340 Ending Inventory = (800+ 1870 + 900 2160) = 1410 6-15 1a. SPECIFIC UNIT COST Costs of goods sold: (2 * 160) + (11 * 170) = 2190 Ending Inventory: (3570 2190) = 1380 b. AVERAGE COST Costs of goods sold: (13 * [3570/21] or 170) = 2210 Ending Inventory: (8 * 170) = 1360 c. FIFO Costs of goods sold: (5 * 160) + (8 * 170) = 2160 Ending Inventory: (5 * 180) + (3 * 170) = 1410 d. LIFO Costs of goods sold: (5 * 180) + (8 * 170) = 2260 Ending (5 Inventory: * 160) + (3 * 170) = 1310 2. Highest costs of good sold = LIFO Lowest costs of good sold = FIFO The cause is increase in inventory 6-17 1a. FIFO Costs of Good Sold: (5 * 90) + (6 * 95) = 1020 Ending Inventory: (6 * 95) = 570 b. LIFO Costs of Good Sold: (11 * 95) = 1045 Ending Inventory: (5 * 90) + 95 = 545 2. Income Statement Sales Revenue (3 * 150) + (8 * 155): 1690 Costs of Goods Sold: 1020 Gross Profit: 670 Operating Expenses: 320 Income before tax: 350 Income after tax: 140 Net Income: 210 6-20 1. LIFO 2. FIFO 3. Specific Unit Cost 4. Average Cost 5. FIFO 6. LIFO 7. LIFO 8. LCM 9. LIFO 10. LIFO
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UCF - ACG - 2021
E7-16AssetMarket ValueMachine 1Machine 2Machine 3TOTAL27,00045,00036,000108,000Total MarketValue108,000108,000108,000% of TotalMarket Value.25.417.3331.000Total Cost100,000100,000100,000Cost of EachAsset25,00041,70033,300100
UCF - ACG - 2021
8-6a) \$897,500b) \$551,875c) \$97,500d) \$410,5008-7a) Discountb) Par valuec) Premiumd) Discount8-161)Warranty Expense 9000Estimated Warranty Payable 9000Estimated Warranty Payable 9400Cash 94002)Income Statement:Sales Revenue 150,000Warra
UCF - ACG - 2021
9-18Cash 65,000Common Stock 25,000Paid-in Capital in Excess of Par Common 40,000Cash 50,000Preferred Stock 50,000Inventory 11,000Equipment 8,500Common Stock 8,250Paid-in Capital in Excess of Par Common 11,250Balance SheetStockholders Equity:Pr
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
1. Accounts Receivable2. Adjusting entry3. Asset purchase4. Assets5. Balance Sheet6. Closing entry7. Cost Principle8. Current Assets9. Dividends (of cash?)10. Dividends11. Expenses12. Financial Statement13. Historical cost principle14. Income
UCF - ACG - 2021
ASSETSCashShort-term investmentsAccounts receivableNotes receivableLIABILITIESAccounts payableNotes PayableAccrued LiabilitiesIncome taxes payableInventorySuppliesPrepaid expenses*LONG-TERM ASSETS*Property, plant, and equipment (PPE)Intangi
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
ounting Records) = Reconcilings (STI) = Goals of Internal Controls:Market Value Methodowance- &amp; Safeguarding assetsDirect Write-off MethodOtherwise, youre throwing away resourcesEncouraging adherence to company policieso Everyone works towards the
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
Cost of Goods Sold(COGS)FIFOLIFOEnding Inventory(EI)FIFO COGS is lowest becauseits based on the older costs,which are low. Gross profit is,therefore, the highest.LIFO COGS is highest becauseits based on the most recentcosts, which are high.
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ACG - 2021
Current Liabilities:Knowno A/Po Short-term N/Po Sales Tax/Po Accrued Liabilitieso Payroll Liabilitieso Unearned Revenueo Current Portion of Long-term DebtEstimatedo Estimated Warranty/Po Income Taxeso Contingent LiabilitiesCategories of Accru
UCF - PLA - 3013
CasesChapter 1Brown v. Brown1) Procedural Background:- Mr. B files motion to dismiss/ transfer- General Master denied motion = venue is in Broward- Mr. B appeals2) Key Facts:- Married in Escambia- Divorce of Marriage filed in Broward- Ms. B live
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
L istsChapter 1Case brief summarizes at aminimum (3):1. Facts of the case2. Legal issues raise3. Rationale for the courtsdecision3 most common dispositions (8):1. Affirmed2. Reversed3. RemandedEssential elements of the brief (5):1.2.3.4.5
UCF - PLA - 3013
The concept of law is very broad- TrueThe Bill of Rights is not applicable to state governments- FalseIn order for something to be a law, it must- Be obeyedA state court system includes all of the following except- A bankruptcy courtThe constituti
UCF - PLA - 3013
CasesCivil litigation*Gnazzo v. G.D. Searle &amp; Co. (2)*Statute of Limitations*1) Procedural Background:- Products liability action against IUD manufacturer- District Court for the District of Connecticut granted manufacturers motion for summary judgm
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
ListsCivil LitigationBurden of Proof (1):1. Beyond a reasonable doubt(80-90%)2. Clear and convincingevidence (60-70%)3. Preponderance of theevidence (51%)4. Probable CauseJurisdiction (2):1. Subject matter jurisdiction2. Personal jurisdiction
UCF - PLA - 3013
CasesDomestic Relations*Schweinberg v. Click1) Procedural Background:- Circuit Court modifies final judgment of dissolution of marriage to change custody of minor children fromhusband to wife- Husband appealed2) Key Facts:- After divorce in 1986,
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
ListsDomestic RelationsDomestic relations encompasses(1):1. Divorce2. Property Settlements3. Alimony4. Maintenance5. Establishment of paternity6. Establishment ortermination of parentalrights7. Child support8. Child custody9. Visitation10.
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - PLA - 3013
Lescher v. Florida Dept. of Highway Safety and Motor Vehicles, 985 So.2d 1078(Fla. 2008)1) Procedural Background:- Leschers drivers license was permanently revoked under Florida Statutes.- Lescher petitioned for a hardship license.- Department of Hig
UCF - PLA - 3013
Roach v. Stern1) Procedural Background:- Siblings sue for IIED- Supreme Court (Kings County) dismissed complaint- Plaintiffs appealed2) Key Facts:- Debbie Tay died and crematedo Portion of remains given to defendant, Chaunce Hayden- Brought remain
UCF - PLA - 3013
Tran v. State, 965 So.2d 226 (Fla. 4th DCA 2007)Procedural Background The trial court sentenced Tran to imprisonment, subsequently sentencing him tomedroxyprogesterone acetate (MPA) injections as well. Tran filed a motion to reverse his sentencing of
UCF - ECO - 2023
Demand Curve ShiftersNormal SubstitutesAvailability of Close Goods: PositiveSupply Curve ShiftersIncomeInferior Goods: NegativeLuxury (e) v. Necessity (ie)Midpoint Elasticity:Price Input PricesIncome Method:Elasticity:Cross-Price Elasticity:Pr
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
o one can charge polluters. dResult: Too&gt; Pw pollutionP &lt; PwPd muchDirection ofExportImporttradessCSFallsRisesPSRisesFallsTSRisesRisesPrivate incentives outweigh social incentives (CR)e who benefit from national defense. Result: too lit
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
ABCD
UCF - ECO - 2023
1.Price Elasticity of Demand DeterminantsDemand Curve ShiftersIncome CurveAvailabilityupplyElasticity ShiftersS of CloseHorizontal Curves: SubstitutesIncomeMarket Price inNormalPC: S v. Necessity (ie)Input PricesLuxury (e)upply atGoods: Positiv
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2023
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2013
Cost Function: C(x) =Profit: P(x) = R(x) C(x)mx + boom ismarginal cost (or slope)Total Revenue:oR(x) is TotalRevenueR(x) = Price * Quantityob is fixedC(x) is TotalCostcostSolving Systems ofEquation with Inverses:AX = BoA is thematrix
UCF - ECO - 2013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2013
CPI in any year = Basket Cost Current YrBasket Cost Base Yr 100intons future purchasing power, and borrowers to acquire capital to produce goods and services in the future.Inflation Rate = esp. bad yr- CPI(which they generally keep, CPI inthiseconomy)
UCF - ECO - 2013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they
UCF - ECO - 2013
The flashcards are formatted for printing. Therefore, the term on the left side of the card corresponds to the definition on the right side of the card. So when you look at the computer screen, they will appear diagonal. When you print, however, they