Entries by Munene david

Part 1)Alpha Company made a lump sum purchase of land, building,

May 5, 2020 in /by

Part 1)<br/>Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&amp;E Element Amount Land $10,000 Building 20,000 Equipment 30,000 Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.) 1. Land […]

 

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Part 1)Alpha Mining Company recognizes $2 of depletion

May 5, 2020 in /by

Part 1)<br/><br/><br/>Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,000 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts: -Accumulated Depletion -Inventory -Cost of Goods Sold Part 2) On January 2, 2016, Alpha […]

 

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Alpha Company provided the following data concerning its income statement:

May 5, 2020 in /by

Alpha Company provided the following data concerning its income statement: sales, $860,000; purchases, $419,000; beginning inventory, $235,000; ending inventory, $242,000; operating expenses, $105,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns &amp; allowances, $134,000; and purchases returns &amp; allowances, $44,000. How much is net income?   Looking for a Similar Assignment? Order now and […]

 

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Net Credit Sales – $945,000 for 2018 and $942,000 for 2019.

May 5, 2020 in /by

Net Credit Sales – $945,000 for 2018 and $942,000 for 2019.<br/> <br/>Accounts Receivable – $100,000 for 2018 and $103,000 for 2019. Allowance for Doubtful Accounts – $4,000 for 2018 and 5,500 for 2019 Calculate the accounts receivable turnover ratio to one decimal plac   Looking for a Similar Assignment? Order now and Get 10% Discount! […]

 

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