1. Who is the current CEO of EarthWear? 2. How much did Accounts Payable change in...
1. Who is the current CEO of EarthWear?
2. How much did Accounts Payable change in dollars and percent from 2017 to 2018?
3. In which of the last 5 years was EarthWear's Net Income highest, and what was Net Income in that year?
4. Does EarthWear use the FIFO or LIFO inventory valuation method?
5. What is the date of Willis & Adams' most current engagement letter with EarthWear?
Homework Answers
1) Calvin J. Rodgers is current chief executive officer of EarthWear
2) In periof from 2017 to 2018 the accounts payable increased by $14,077 which makes 29.07%
3) The net income was highest in 2015 i.e. $41,698
4) EarthWear applies LIFO (Last In, First Out) as it's inventory valuation method
5) April, 2018 is Willis & Adams' date for most current engagement letter with EarthWear
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1. Who is the current CEO of EarthWear?
2. How much did Accounts Payable change in...
EarthWear Clothiers Investor Website 1. Who is the current CEO of EarthWear? 2. How much did...
EarthWear Clothiers Investor Website 1. Who is the current CEO of EarthWear? 2. How much did Accounts Payable change in dollars and percent from 2014 to 2015? 3 In which of the last 5 years was EarthWear's Net Income highest, and what was Net Income in that year? 4. Does EarthWear use the FIFO or LIFO inventory valuation method? Hint See the Notes to the Consolidated Financial Statements Willis & Adams, CPAs Website 5. What 5 services do Willis &...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Minitax Corporation accounts for 100% of its inventory using LIFO. In its most recent annual report,...
Minitax Corporation accounts for 100% of its inventory using LIFO. In its most recent annual report, Minitax reported the following information on the Balance Sheet. Dec. 31 Dec. 31 2018 2017 Inventory $ 65,000,000 $ 70,000,000 Minitax's Inventory Footnote appeared as follows: "The Company uses LIFO to account for all inventory. Inventories valued on the LIFO basis at December 31, 2018 and 2017 were approximately $ 25,000,000 and $ 30,000,000, respectively, less...
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per dilu...
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per diluted share, last year. These results reflect the Company's decision to implement the LIFO (last-in, first-out) inventory valuation method effective December 30, 2007 (fourth quarter). The effect of this change was to reduce annual pretax earnings by $28,165,000 and net earnings by $18,307,000 or $1.50 per share ($1.49 diluted) below that which would have been reported using the Company's previous inventory method....
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase...
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase 1/10/2019 600 $5.50 Purchase 1/20/2019 950 $5.25 Purchase 1/25/2019 350 $5.00 Sale throughout month 1700 $11.75 Calculate cost of goods available for sale, cost of goods sold, gross profit, gross profit margin and ending inventory using average cost, LIFO and FIFO inventory methods. The company uses the periodic inventory system. Then state which inventory method would provide the highest net income and Which inventory...
Current Attempt in Progress Waterway Company's record of transactions for the month of April was as...
Current Attempt in Progress Waterway Company's record of transactions for the month of April was as follows. Purchases April 1 balance on hand) 1,380 @ $6.00 3,450 608 1.840 6.40 2,760 6.50 1610 @ 6.60 1.150 6.79 12.190 Sales April 3 1.150 $10.00 9 220 1000 11 1,300 11.00 232.760 @ 11.00 27 2.070 12.00 10.580 Assuming that periodic inventory records are kept in units only. calculate the average cost per unit. (Round answer to 2 decimal places 2.760 Average-cost...
1. Record the sales and foreign currency accounts receivable. 2. Record the forward contract. 3. Record the entry for changes in the exchange rate. 4. Record the change in the fair value of the forwa...
1. Record the sales and foreign currency accounts
receivable.
2. Record the forward contract.
3. Record the entry for changes in the exchange rate.
4. Record the change in the fair value of the forward
contract.
5. Record the gain or loss on the forward contract.
6. Record the allocation of the premium or discount.
7. Record the entry for changes in the exchange rate.
8. Record the entry to adjust the carrying value of the forward
contract to its...
Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted...
Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow 2 3rd $ 24,000 $22.000 6,000 Isto $ 20,000 5,eee 3,eee $ 12,000 Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (40%) Net Income 4th $26.000 8,eee 4,000 $14,000 28.000 9.500...
Veesperna Company Balance Sheet As at December 31 2018 2017 Assets Current Assets Cash Accounts R...
need to find the sale of equipment
Veesperna Company Balance Sheet As at December 31 2018 2017 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Land Equipment Less: Accumulated Depreciation $-55,000 $-69,000 Total Assets $109,915 $75,100 $47,600 $29,900 $78,600 $46,500 $236,115 $151,500 $96,000 $103,000 $106,000 $139,000 $383,115 $324,500 Liabilities and Equity Liabilities Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and...
1.) How is a common-size balance sheet created? 2.) Discuss how marketable securities are valued on...
1.) How is a common-size balance sheet created? 2.) Discuss how marketable securities are valued on the balance sheet. 3.) How can the allowance for doubtful accounts be used to assess earnings quality? 4.) Why is the valuation of inventories important in financial reporting? 5.) Why would a company switch to the LIFO method of inventory valuation in an inflationary period? 6.) Which inventory valuation method, FIFO or LIFO, will generally produce an ending inventory value on the balance sheet...
EarthWear Clothiers Investor Website 1. Who is the current CEO of EarthWear? 2. How much did Accounts Payable change in dollars and percent from 2014 to 2015? 3 In which of the last 5 years was EarthWear's Net Income highest, and what was Net Income in that year? 4. Does EarthWear use the FIFO or LIFO inventory valuation method? Hint See the Notes to the Consolidated Financial Statements Willis & Adams, CPAs Website 5. What 5 services do Willis &...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per diluted share, last year. These results reflect the Company's decision to implement the LIFO (last-in, first-out) inventory valuation method effective December 30, 2007 (fourth quarter). The effect of this change was to reduce annual pretax earnings by $28,165,000 and net earnings by $18,307,000 or $1.50 per share ($1.49 diluted) below that which would have been reported using the Company's previous inventory method....
Current Attempt in Progress Waterway Company's record of transactions for the month of April was as follows. Purchases April 1 balance on hand) 1,380 @ $6.00 3,450 608 1.840 6.40 2,760 6.50 1610 @ 6.60 1.150 6.79 12.190 Sales April 3 1.150 $10.00 9 220 1000 11 1,300 11.00 232.760 @ 11.00 27 2.070 12.00 10.580 Assuming that periodic inventory records are kept in units only. calculate the average cost per unit. (Round answer to 2 decimal places 2.760 Average-cost...
1. Record the sales and foreign currency accounts
receivable.
2. Record the forward contract.
3. Record the entry for changes in the exchange rate.
4. Record the change in the fair value of the forward
contract.
5. Record the gain or loss on the forward contract.
6. Record the allocation of the premium or discount.
7. Record the entry for changes in the exchange rate.
8. Record the entry to adjust the carrying value of the forward
contract to its...
Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow 2 3rd $ 24,000 $22.000 6,000 Isto $ 20,000 5,eee 3,eee $ 12,000 Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (40%) Net Income 4th $26.000 8,eee 4,000 $14,000 28.000 9.500...
need to find the sale of equipment
Veesperna Company Balance Sheet As at December 31 2018 2017 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Land Equipment Less: Accumulated Depreciation $-55,000 $-69,000 Total Assets $109,915 $75,100 $47,600 $29,900 $78,600 $46,500 $236,115 $151,500 $96,000 $103,000 $106,000 $139,000 $383,115 $324,500 Liabilities and Equity Liabilities Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and...
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