P 9-5 (gross profit method) On April 15, 2011, fire damaged the office and warehouse of Stanislaw Corporation.P 9-5 (gross profit method) Stanislaw Corporation.ANSWER KEYP 9-5 (gross profit method)Stanislaw Corporation.The only accounting record saved was the general ledger, from which the trial balance below was prepared.Trial Balance March 31, 2011Cash 20000Accts Recv 40000Inventory 12/31/07 75000Land 35000Building and Equip 110000Accumulated depreciation 41300Other assets 3600Accts Payable 23700Other […]

(FIFO and LIFO) Harrisburg Company is considering changing its inventory valuation method from FIFO to LIFO because of the potential tax savings. However, the management wishes to consider all of the effects on the company, including its reported performance, before making the final decision. The inventory account, currently valued on the FIFO basis, consists of 1,000,000 units at $8 per unit on January 1, 2012. […]

(Dollar-Value LIFO) Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following […]

(Accounting for Goodwill) On July 1, 2012, Gissel Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable. At July 1, 2012, the balance sheet of Mills Company was as follows.Cash$ 50,000Accounts payable$200,000Accounts receivable90,000Stockholders’ equity235,000Inventory100,000$435,000Land40,000Buildings (net)75,000Equipment (net)70,000Copyrights10,000$435,000The recorded amounts all approximate current values except for land (fair value of $80,000), inventory (fair value of $125,000), and copyrights (fair value of $15,000).Instructions(a) […]

Record the proper journal entry for each transaction.a. $190,000 of materials were purchases on account.b. $174,000 of materials were used in production; of this amount, $152,000 was used on specific jobsc. Manufacturing labor and salaries for the month totaled $225,000. A total of $190,000 of manufacturing labor and salaries was traced to specific jobs, while the remainder was indirect labor used in the factory.d. The […]

“Business Impact Analysis (BIA) and Risk Management” Please respond to the following:According to the text, a BIA determines the extent of the impact that a particular incident would have on business operation over time. Determine the major ways in which people, systems, data, and property will impact a BIA. Provide specific examples to support your response.Compare and contrast qualitative risk analysis and quantitative risk analysis, […]

Assignment 2: What Is the Field of Consulting? As you know, there may be times when an organization needs help. This help could be to improve an existing process or to launch a new initiative. Not all organizations have the internal skills, capabilities, or time to accomplish everything they want to do. When an organization lacks the skills or when it needs a fresh new […]