October 27, 2011
Module 1 Assignment
(1) Sales of musical instruments and sound equipment. $5,700,000
Estimated warranty cost . X
Warranty expense for 2010 . $ 114,000
(2) Estimated liability for warranties1/1/10 . $ 136,000
Student Name: Zhunquadreat Hill
Class: ACC 331
Schedule of Cost of Goods Manufactured
For the Month Ended August 31
Raw materials inventory, August 1
Add: Purchases of raw materials
Raw materials available for
FEDERAL INCOME TAXATION - AN OVERVIEW
Briefly state Adam Smith's four requirements for a good tax system.
Certainty - The taxpayer should be able to determine the amount of tax and how
to make the required payme
0 out of 1 points
The average days to sell
inventory is computed
365 days by cost of goods sold.
365 days by the inventory turnover ratio.
1 out of 1 points
Chess Top uses the
The Clipper Corporation had net operating income of $380,000 and average operating assets of
$2,000,000. The corporation requires a return on investment of 18%.
A. Calculate the company's return on investment (ROI) and residual income (RI).