Question

Amana Cement Corporation is a private corporation controlled by Amin Amana. The company’s adjusted trial balance and other related data at 31 December 20X5 are given below. Although the company uses some obsolete terminology, the amounts are correct.


Additional information (no accounting errors are involved):
a. Merchandise inventory is based on FIFO, lower of cost or net realizable value.
b. The patent is subjected to an annual impairment test. The impairment for 20X5 has already been recorded.
c. Operating expenses as given include depreciation and interest expense, and revenues include interest and investmentrevenues.


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  • CreatedFebruary 17, 2015
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