Monthly Archives: April 2014

Following is information taken from the accounting records of Kagawa Company (A+ Guaranteed)

Following is information taken from the accounting records of Kagawa Company at the end of 2009. Net Sales, $660,000 Operating Income (from discontinued operations), $64,000 Cost of Goods Sold, $370,000 Gain on sales of Assets (from discontinued operations), $55,000 Operating … Continue reading

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Easton Excavation Company is planning an investment of $120,000 (A+ Guaranteed)

Net Present Value Method—Annuity Easton Excavation Company is planning an investment of $120,000 for a bulldozer. The bulldozer is expected to operate for 1,400 hours per year for five years. Customers will be charged $105 per hour for bulldozer work. … Continue reading

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Valenzuela Company budgeted selling expenses of $29,670 in January (A+ Guaranteed)

Valenzuela Company budgeted selling expenses of $29,670 in January, $34,405 in February, and $39,468 in March. Actual selling expenses were $31,063 in January, $33,840 in February, and $46,190 in March. Prepare a selling expense report that compares budgeted and actual … Continue reading

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ACCT2020 Match where each of these items would appear on a multiple-step income statement (A+)

(ACCT2020)Match where each of these items would appear on a multiple-step income statement Sales returns and allowances Depreciation expense Cost of goods sold Gain on sale of equipment 1. Sales revenues 2. Other revenues and gains 3. Cost of goods … Continue reading

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2. ACCT2020Carpenter Company provides this information for the month ended October 31, 2012 (A+)

(ACCT2020)Carpenter Company provides this information for the month ended October 31, 2012: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $22,000. Complete the sales revenues section of the income statement below, based on … Continue reading

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