accountingmidtermanswers - 1 BI=100K COGS=450K EI=80k...

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BI=100K COGS=450K EI=80k - P=430K 2) Cogs/avg inventory=inventory turnover 3) Inventory-tangible and held for resale 4) Gross profit percentage= (operating revenues-cogs)/net operating revenues 5) Net sales shown on income statement= gross sales- discounts-returns and allowances 6) Declining balance depreciation with 200% acceleration (double declining balance) NBV*2/useful life 7) Bank statement: ending balance =8K, outstanding checks=$500, deposits in transit=$1000, bank service charges= $50, and erroneous check for $25 Bank Bal 8K OC (500) DIT 1000 Error 250 Total 8750 8) Assets - L=equity 9) Net liability for bonds payable= B/P- discount a. Cash 570K b. Discount 30K 30,000/10pds for straight line amortization= $3K i. B/P 600K 6/30 I/E 27K Disc 3K Cash 24K 10) Machine 15K straight line dep 2700 residual value 10% useful life = 5 years 11) bought Comp 10K and gave 100 shares of stock. Common stock cost =5K, market value 4200 installation 700 and shipping cost 500 Answer = 15400 12) purchased machine for 60K. Bookkeeper made useful life 10 instead of 5 years,
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This note was uploaded on 04/07/2008 for the course ACG 2021C taught by Professor Mcdonald during the Spring '08 term at University of Florida.

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accountingmidtermanswers - 1 BI=100K COGS=450K EI=80k...

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