Davis Co. had the following inventory activity during April:   Units  Unit  Cost  Beginning inventory 100 $8  Purchase (April 3) 60 12  Sale (April 10) 80    Purchase (April 18) 50 15  Purchase (April 23) 80 18  Sale (April 28) 100   ​ Assuming Davis uses a periodic LIFO cost flow assumption, ending inventory at April 30 would be

In Year 1, Dallas Company had sales of $600,000; cost of sales of $430,000; interest expense of $12,000; and a gain on the sale of a component of $52,000. For its income statement, Dallas uses the single-step format and the all-inclusive concept. What was Dallas’s reported pretax income from continuing operations?

A manufacturing firm would not normally have an account titled

Use the following letters to represent items:P = Purchases (net)C = Cost of goods soldB = Beginning inventoryE = Ending inventoryWhich equation is correct?

Which one of the following statements is not a disclosure requirement for depreciation?

A manufacturing company typically has how many inventory accounts?

During Year 6, Debbie Company incurred $240,000 in legal fees in defending a patent with a carrying value of $4,500,000 against an infringement. Debbie’s lawyers were not successful with the defense of the patent. The legal fees should be

Richards Inc. exchanged a piece of equipment with an original cost of $82,000, accumulated depreciation to date of $40,000, and a fair value of $46,000 for a similar piece of equipment.  Cash flows are not expected to change significantly.  The newly acquired equipment had a book value of $40,000 and a fair market value of $41,000. At what value should Richards record the newly acquired equipment? 

​Trademarks or trade names

What relationship exists between the general journal and the general ledger?