Madison Company’s perpetual inventory records indicate that $535,500 of merchandise should be on hand on October 31. The physical inventory indicates that $504,580 is actually on hand. Required: Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. Refer to the Chart of Accounts for exact wording of account titles.

What is the most important type of decision that the financial manager makes?

Awidower devised his fee simple interest in his residence as follows: “to my daughter for life, then to my oldest grandchild who survives her.” at the time of the widower’s death, he was survived by his only two children, a son and a daughter, and by one grandchild, his daughter’s son. a short time later, the daughter together with her son entered into a contract to sell the residence in fee simple to a buyer. the applicable jurisdiction continues to follow the common law rule against perpetuities, but has abrogated the rule in shelley’s case. at the closing, the buyer refused to purchase the residence. can the sellers compel the buyer to do so?

Ursus, inc., is considering a project that would have a five-year life and would require a $1,650,000 investment in equipment. at the end of five years, the project would terminate and the equipment would have no salvage value. the project would provide net operating income each year as follows (ignore income taxes.):