Dec 19, 2020 | Uncategorized
7.33. Auditing AccountantThe following audit procedures were performed in the audit of inventory to satisfy specific balance-related audit objectives as discussed. The audit procedures assume that the auditor has obtained the inventory count sheets that list the...
Dec 19, 2020 | Uncategorized
KCO Corporation manufactures a single product. During the month of July, 10,000 units were sold for $900, while 8,000 units were produced. Their July variable costing income statement showed the following expenses:Variable Cost of Goods Sold: $1,800,000Variable...
Dec 19, 2020 | Uncategorized
Piper Corporation’s standards call for 5,250 direct labor-hours to produce 1,750 units of product. During October the company worked 1,200 direct labor-hours and produced 1,200 units. The standard hours allowed for October would be:
Dec 19, 2020 | Uncategorized
1Provincial Inc. reported the following before-tax income statement items:Operating income$570,000Loss on discontinued operations95,000Provincial has a 34% income tax rate. Provincial would report the following amount of income tax expense as a separately stated line...
Dec 19, 2020 | Uncategorized
Paloma Horse Farm, Inc., began 2017 with cash of $100,000. During the year, Paloma earned service revenue of $594,000 and collected $580,000 from customers. Expenses for the year totaled $410,000, with $400,000 paid in cash to suppliers and employees. Paloma also paid...
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