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Details of All 180 Questions Given Below SET 1
1 . Kraft Enterprises owns the following assets at December 31 , 2012 .
Cash in bank – savings account 67,516 Checking account balance
26,445
Cash on hand 9,478 Postdated checks 753
Cash refund due from IRS 40,324 Certificates of deposit ( 180-day )
94,754
What amount should be reported as cash ?
Question 2
Presented below is information related to Rembrandt Inc .’ s inventory .
( per unit )
Skis
Boots
Parkas Historical Cost
273.79
152.75
76.37 Selling Price
312.70
208.95
106.27 Cost to distribute
27.38
11.53
3.60 Current replacement cost
292.52
151.31
73.49 Normal profit margin
46.11
41.79
30.62 Determine the following :
Question 3 Matlock Company uses a perpetual inventory system . Its beginning inventory consists of 67 units that cost $ 40 each . During June , the company purchased 202 units at $ 40 each , returned 8 units for credit , and sold 168 units at $ 67 each . Journalize the June transactions .
Question 4 Amsterdam Company uses a periodic inventory system . For April , when the company sold 700 units , the following information is available .