Entries by mary WAMBUGU

State whether your corporation uses the direct or indirect method of preparing the Statement of Cash Flows and describe how the Statement would be different under these two methods.

August 22, 2019 in /by

Category: Operating Activities 1.  State whether your corporation uses the direct or indirect method of preparing the Statement of Cash Flows and describe how the Statement would be different under these two methods. 2.  What are the largest increases and decreases in the operating activities section of your corporation’s Statement of Cash Flows? 3.  Given […]

 

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In 2015, the initial year of its existence, Dexter Company’s accountant, in preparing both the income statement and the tax return, developed the following list of items causing differences between accounting and taxable income:

August 22, 2019 in /by

In 2015, the initial year of its existence, Dexter Company’s accountant, in preparing both theincome statement and the tax return, developed the following list of items causing differences between accounting and taxable income: 1. The company sells its merchandise on an installment contract basis. In 2015, Dexter elected, for tax purposes, to report the gross […]

 

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Supply manufactures airsoft guns used by recreational gamers. The cost of producing a box of 2,500 air soft ammunition is as follows:

August 22, 2019 in /by

Supply manufactures airsoft guns used by recreational gamers.  The cost of producing a box of 2,500 air soft ammunition is as follows:Direct materials $12.50  Direct labor 6.25  Variable factory overhead 18.75  Fixed factory overhead 25.00  Variable selling, general, and administrative costs 18.75  Fixed selling, general, and administrative costs 4.00  The fixed factory overhead and fixed SG&A cost is allocated based on […]

 

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On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.

August 22, 2019 in /by

On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.  Need Journal entry for Dec 31 On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000. Friday, April 3, Bravo paid employee wages of $5,000 for the […]

 

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