Entries by Hannah Wangui

physical inventory

Question A physical inventory of Liverpool Company taken at December 31 reveals the following.     Per Unit       Item Units Cost Market    Audio equipment                  Receivers 344     $ 99    $ 107           CD players 259       120      109           MP3 players 325       95      104           Speakers 203       […]

 

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cash flows

Question Fernwood Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:   Retained earnings balance at the beginning of the year  $ 268,000     Cash dividends declared for the year 58,750     Proceeds from the sale of equipment 100,400     Gain on the sale of […]

 

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accountant

Question The accountant for Crusoe Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:   Retained earnings balance at the beginning of the year $ 135,500     Cash dividends declared for the year 55,500     Proceeds from the sale of equipment 90,500     Gain on […]

 

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bonds

Question Marwick Corporation issues 20%, 5 year bonds with a par value of $1,120,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 18%. What is the bond’s issue (selling) price, assuming the Present Value of $1 factor for 9.0% and 10 semi-annual periods is 0.4224 and the […]

 

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