Question
1. At the beginning of accounting period AA had beginning inventory of $10,000. At the end of this accounting period, AA found that they have
1. At the beginning of accounting period AA had beginning inventory of $10,000. At the end of this accounting period, AA found that they have $20,000 as ending inventory. During this accounting period, Cost of Goods Sold was $45,000. How much is inventory turnover ratio?
2. AA signed a note payable for the cleaning service provided by DD (principal: $10,000, interest rate 12%, time 3 months). At the end of the 1st month, AA needs to record adjusting entries for accrued interest. How much is the accrued interest at the end of the 1st month?
3. AA disposed their printing equipment (cost: $30,000). It has accumulated depreciation of $28,000 at the moment of disposal. How much is the loss on disposal?
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Payroll Fraud Detection And Prevention Audit Expert System
Authors: Titus Oniyilo
1st Edition
136564345X, 978-1365643453
