Entries by Munene david

Where are the resources of your company employed?

Where are the resources of your company employed? Figure this out by calculating a percentage of the total assets for each asset displayed in the balance sheet. The total should equal 100%. What are the three largest individual assets as a percentage of the total? Why do you think the company needs to have these […]

 

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What method(s) does your company use to value its inventory?

What method(s) does your company use to value its inventory? Compute the inventory turnover ratio for the last two years. This may require you to locate the financial statements for the most recent three years in order to compute average inventory (2018 and 2019). Comment on the trend observed. Financial statement can be obtained from […]

 

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Petty Corporation issued $100,000 of 3%, 10-year bonds on April 1,

Petty Corporation issued $100,000 of 3%, 10-year bonds on April 1, 201, at 104. Interest is paid on April 1 and October 1. The proper entry to record issuance of the bonds includes a debit to Cash for ____________. options: a) $107,000 b) $102,167 c) $104,000 d) $100,000 e) $103,000 Which of the following statements about treasury stock is true? […]

 

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