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Accounting Questions and Answers August 05, 2013

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A company had the following asset and liabilities on the dates indicated: The company began business on January 1, 2012 with an investntent of $75,000 from stockholders. In 2013 , the company issued an additional $30,000 in stock and paid $5,000 in dividends. The company recorded $12,000 of expenses during 2013. How much revenue was recorded in
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Unit 4 Assignment Q8 Q8a b Current Attempt in Progress Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets $3,000 $1,845 Cash and cash equivalents Accounts receivable, net 3,480 3,170 Inventories 2,648 3,046 Other current assets 1920
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QS 3 - 1 3 ( Algo ) Accruing salaries LO P 3 Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. ( For example, a student who works Monday through Friday, June 1 through June 5 , is paid for that work on Monday, June 8 . ) The coffee shop adjusts its

Q16 (Classification of Deductions). Problem #32 | Max [Required: (1) Classify the rental activity into trade or business or production-of-income. (2) Determine whether attorneys fee is a deduction for AGI or deduction from AGI item.] 32. LO3 Max owns an office building that he rents for $750 a month. Under the terms of the lease, the tenant is

Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2 reduction in the selling price. The company's present selling price is $95 per unit, and variable expenses are $65 per unit. Fixed expenses are $834,900
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2. Blue Nile's Medical Equipment Company manufactures hospital beds. Its most popular model, Deluxe, sells for $5,000. It has variable costs totaling $2,800 and fixed costs of $1,000 per unit, based on an average production run of 5,000 units. It normally has four production runs a year, with $400,000 in setup costs each time. Plant capacity can

Which of the following would be classified as a temporary BTD ? ( check all that apply ) Capital loss carryforward. Salr a depreciable asset with a different book / tax basis. Net capital loss. Installment sales. Loss realized on a related party sale.

During an audit, it is noted that a company's management has plans to raise additional capital through equity to address its going concern issues. This plan is considered by the auditor as: A . An indicator of insolvency. B . A violation of accounting standards. C . A mitigating factor for the going concern assessment. D . Insignificant for the
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When calculating Return on Investment, fixed assets include: a . Accounts Receivable, Equipment, and Real Estate b . Cash, Accounts Receivable, and Inventory c . Cash, Accounts Receivable, and Equipment d . Equipment, Buildings, and Real Estate

An acre ( 4 3 , 5 6 0 SF ) of land in the CBD is being used as an open parking lot. The land currently brings $ 2 8 / SF / year rent, paid in arrears, and the rent is expected to increase by 2 % annually. The discount rate for the parking lot rents is 8 % . An investment project that is being considered is building a 1 0 0 , 0 0 0 SF office

Robyn Howser is the bookkeeper for Oriole Company. Robyn has been trying to determine the correct balance sheet for Oriole Company, shown as follows. Cash Assets Supplies Equipment $19,320 3,000 66,240 Total assets $88,560 Oriole Company Balance Sheet December 31, 2022 Accounts payable Accounts receivable Common stock Liabilities Retained earnings
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Nast Inc. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. If the decision is made by choosing the project with the higher MIRR rather than the one with the higher NPV, how much value will be forgone? Note that under some conditions choosing projects on the
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On January 1, 2009, Hurley Inc. issued a 5-year bond with face value of $1,000,000. The bond carries an 8% annual interest rate and pays interests annually. The market interest rate at the time the bonds were issued was 6%. (Round to the nearest dollar) n Present Value of $1 Table 5% 6% 7% 8% 1 0.9524 0.9434 0.9346 0.9259 2 009070 0.8900 0.8734
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i Standards Direct materials (resin) Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead 8 pounds per pot at a cost of $3.00 per pound 4.0 hours at a cost of $22.00 per hour $4.00 per direct labor hour $31,000 Standard fixed MOH rate $8.00 per direct labor hour (DLH) Print Done i Actual Results Ceramics
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Recording and Reporting NOL Carryforward Decker Corporation experienced a loss in 2020. Additional information for Decker Corporation follows. 2020 Taxable income (loss) $(65,000) Income tax rate 25% There were no temporary differences from 2018 to 2020 other than any related to a net operating loss carryforward. a. Record income taxes for 2020
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Meta Manufacturers is applying for a loan from Third Mercantile Bank for the purpose of updating its factories. As the bank's credit analyst, you are investigating the advisability of making the loan. As one step in the analysis, you have determined that Meta's debt to equity ratio is sufficiently low to support additional debt, but to continue
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NOTE all are part of question 5 Tami Tyler opened Tami's Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the first quarter was prepared by a friend who has just
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The times interest earned ratio is computed as ( Income Before Income Tax + Interest Expense ) Interest Revenue ( Income Before Income Tax + Interest Expense ) Interest Expense Income Before Income Tax Interest Expense ( Income Before Income Tax - Interest Expense ) Interest Expense
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III Homework: Homework 2.2 Question 9. 19.1-8 HW Score: 54.17%. 6.5 of 12 points O Points of 1 The data below are the temperatures on randomly chose days during a summer class and the number of absences on those days Calculate the correlation coefficient, Temperatur, x 74 B7 93 92 90 100 77 102 62 Number of abonos y 12 18 10 19 17 24 13 24 14 OA.
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Required information Problem 8 - 4 7 ( LO 8 - 1 ) ( Algo ) [ The following information applies to the questions displayed below. ] Whitney received $ 7 7 , 5 0 0 of taxable income in 2 0 2 3 . All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for
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Constantine Co issues $325,000 of 10%, four-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The market rate is 8% at the issue date. Bonds are sold a 115.85% Required Prepare the January 1, 2015, journal entry to record the bonds' issuance. Determine the total bond interest expense to be recognized over
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Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago $ 36,819 $ 43,038 $ 43,512 89,600 62,600 51,600 112,500 82,000 52,000 11,857 11,297 4,835 361,034 328,487 278,953 $611,810 $527,422 $430,900 At December 31 Assets Cash Accounts
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The company uses direct labor-hours as its activity measure for overhead cost. Shown below are direct labor-hours and total overhead costs for the first half of the year. Jan Feb Mar Apr May Jun Direct labor-Hours 150,000 140,000 160,000 120,000 170,000 200,000 Overhead Cost $339,000 $328,000 $350,000 $272,000 $362,500 $400,000 Assume that the
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M & N Plastics has certain costs that are paid whether or not any items ( bottles ) are produced. These costs are called fixed costs. All costs that are proportional to the number of units produced are called variable costs. Identify costs that M & N Plastics may have during a week and label each cost as a fixe cost or a variable cost. List at
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a. Cash used for purchase of office supplies, $1,750. b. Cash provided from consulting to customers, $44,100. c. Cash used for purchase of mining equipment, $70,000. d. Cash provided from long-term borrowing, $57,000. e. Cash used for payment of employee salaries, $23,700. f. Cash used for payment of office rent, $11,700. g. Cash provided from
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Statement of stockholders' equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $ 1 3 0 , 0 0 0 ; Additional Paid - In Capital, $ 3 , 0 5 0 , 0 0 0 ; and Retained Earnings, $ 1 2 , 7 0 0 , 0 0 0 . During October, Noric issued for cash 4 0 , 0 0 0 shares of common stock ( with a stated value of $ 1 ) at $
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All of the below typically represent cash outflows, EXCEPT Question 4 Answer a . First cost. b . Taxes. c . Operating expense. d . Revenue.

As an analyst for a large U . S . multinational corporation, you are assigned to examine a possible acquisition candidate, completing an initial search and review. Your supervisor is a member of the Controller's team. The Controller reports directly to the Chief Financial Officer ( CFO ) . Your work may be presented to various audiences, so
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Question 9 Information that is presented in a clear fashion so that users can interpret it is an example of comparability relevance understandability faithful representation
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Which of the following statements regarding no - par stock is correct? A . There is a value assigned to no - par stock. B . No - par stock always has a stated value. C . There can be an entry to Paid - In Capital in Excess of Par when no - par stock is issued. D . Common Stock is credited for the same amount as the cash received for the stock.
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What is the - Net Income - Retained earnings ending balance - Assets totaled - Stockholders equity totaled Q3: On June 1, BCC Company was started with an investment of $22,000. Following are the : 30 th, and the revenues and expenses for the month of June. No additional investments (common stock) were made in June, but the company paid divids
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Question 4 ( 2 . 5 points ) Following are transactions of a new company during January: Issued 1 0 , 0 0 0 shares of common stock for $ 1 5 , 0 0 0 cash Purchased land for $ 1 2 , 0 0 0 by signing ate payable for the full amount Purchased office equipment for $ 1 , 2 0 0 cash Received cash of $ 1 4 , 0 0 0 for services provided to customers during
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7. If the company pursues the investment opportunity and otherwise performs the same as last year, what margin will it earn this year? 8. If the company pursues the investment opportunity and otherwise performs the same as last year, what turnover will it earn this year? Required information The Foundational 15 [LO11-1, L011-2] The following
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Which of the following situations would cause a firm to comblme labor costs whth overhead, creating conversion costs? Multiple Choice The firm has highly automated operations. The firm has a small number of automated tasks. The firm already employs the use of prime costs and wants to cover all costs. The firm wants to focus on materials and labor
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Particulars Order Ordor Order Order Order Size Size Size Size Size 1 Annual Consumption 8,000 8,000 8,000 8,000 8,000 ll Order size (units) 400 500 1,600 4,000 8,000 III No of orders (1/11) 20 16 5 2 1 IV Cost per order (Rs.) 12 12 12 12 12 V Total ordering cost 240 192 60 24 12 (Rs.) (III XIV) VI Average Inventory 200 250 800 2.000 4,000 (units)
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Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $ 6 9 , 6 0 0 . Meg works part time at the same university. She earns $ 5 0 , 4 0 0 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source
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Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity pools, the related costs per pool, the cost driver for each pool, and the expected usage for each pool. Additional information about each grade of olive oil is as follows: Required: 1. Calculate the activity rate for each
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Submission deadline Notwist Copy Company incurred the following transactions during the month of March 2021. March 1, 2021 M. Acher, the owner of Notwist invests $70,000 cash to start the business. March 3, 2021 Purchased three pieces of equipment for $160,000, paying $50.000 cash and signing a 5-year, 10% note for the remainder. March 5, 2021
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Required information [The following information applies to the questions displayed below.] Shown below are selected data from the balance sheet of Compros, a small electronics store (dollar amounts are in thousands): Cash $ 76 Accounts receivable $ 136 Inventory $ 245 Total assets $ 905 Current liabilities $ 310 Noncurrent liabilities $ 380 1A.

. Cash paid to suppliers during the year amounted to $ 6 2 7 , 0 0 0 , accounts payable decreased by $ 3 6 , 9 0 0 , and inventories decreased by $ 1 9 , 0 0 0 . How much was cost of goods sold?

Mace Company acquired equipment that cost $36,000, which will be depreciated on the assumption that the equipment will last six years and have a $2,400 residual value. Component parts are not significant and need not be recognized and depreciated separately. Several possible methods of depreciation are under consideration Required (8 Marks): 1.
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Blossom Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units. The utilities and maintenance costs are mixed costs. The fixed portions of these costs are $300 and $200, respectively. 3,000 Production in Units Production Costs Direct materials
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Coral Reef Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Coral Reef, obtains the following information for Job #10 in August 2017. A total of 54 units were started, and 9 spoiled units were detected and rejected at final inspection, yielding 45 good units. The spoiled units were
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Meridian Fashions uses standard costs for their manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the fixed overhead cost variance. Actual fixed overhead Budgeted fixed overhead Standard overhead allocation rate Standard direct labor hours per unit Actual output A . $ 9 , 0 0 0
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QUESTION Which of the following would NOT appear on the single - step income statement for a merchandiser: ANSWER Cost of Goods Sold Net Sales Revenue Net Income Operating Income IDON'T KNOWYET
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The difference between the cost and residual value of a fixed asset is known as its: Accumulated depreciation Book value Scrap value Depreciable cost

HENSIVE Guitar Universe Company Guitar Universe Company is a popular source of musical instruments for professional and amateur musicians. The company's accountants make necessary adjusting entries monthly, and they make all closing entries annually. Guitar Universe is growing rapidly and prides itself on having no noncurrent liabilities, The
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add to this statement: The Job - order costing system is a method designed to keep track of the cost of a specific job by looking at indirect and direct costs. Those costs are broken down into three categories on a job - order cost sheet, direct materials, direct labor, and manufacturing overhead. There are many different industries that can

Baldwin Corp. ended the year carrying $17,792,000 worth of inventory. Had they sold their entire inventory at their current prices, how many more dollars of contribution margin would it have brought to Baldwin Corp.? Select: 1 $38,089,500 $28,425,000 $10,643,000 $17,792,000
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I need help with the retained earning call them and how to figure it out? Also if my other work is right? June 1 Lisa Ryan invested $13,000 cash to be in the business she received common stock for her investment 2 Paid rent for June. 51,050 3 Purchased office equipment on account 56.500. 6 Purchased art materials and other supplies costing
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Bollermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms, Below is the year-end adjusted trial balance of Bollermaker Unlimited Credits BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Account
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4. Masters Corp has a 100,000 foreign currency denominated accounts receivable on its books thet is due to be collected in on June 30, 2011. The following are the US dollar equivalents for this receivable at various dates: January 1, 2010 $35,000 March 31, 2010 $38,000 April 30, 2010 What is the FX transaction gain or loss as of the following
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- Red Company reports net income of $1,800,000 for 2021. It declares and pays preferred shares dividends of $400,000 and ordinary share dividends 300,000 for the year. The weighted-average number of ordinary shares outstanding during the year is 200,000 shares Red Company's earnings per share for 2021 is: O A $9.0 per share. OB 57.5 per share
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8 0 - 2 0 rules: 8 0 % of our revenues are generated by 2 0 % of our customers. True False
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Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31,2023 (shown in accounting equation format): Assets = Liabilities + Equity Cash + Accounts Receivable + Office Supplies + Office Equip. + Electrical Equip. = Accounts
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Exercise 1 0 - 5 A ( Algo ) Calculations for a line of credit LO 1 0 - 2 Colson Company has a line of credit with Federal Bank. Colson can borrow up to $ 4 9 2 , 0 0 0 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage, along with the amounts borrowed and repaid

If criteria for variable consideration of revenue are not met: the amount of revenue that can be recognized is increased. the amount of revenue that can be recognized is limited . the amount of revenue that can be recognized is reduced to zero. none of the choices are correct.
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Data for Muscateer Desgin, Inc. follow: Requirement 1: Prepare a comparative common-size income statement for Muscateer Design, Inc. using the 2018 and 2017 data. Round percentages to one-tenth percent. ( Round the percentages to one-tenth precent, X.X%) Requirement 2: To an investor, how does 2018 compare with 2017? Explain your reasoning An
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Accounting Cycle Review 4-01 a-i Mike Greenberg opened Bridgeport Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,600 cash in the company. . 1 Purchased used truck for $6,400, paying $1,600 cash and the balance on account. 3 Purchased cleaning supplies for $720 on account. 5 Paid
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Miller Companys contribution format income statement for the most recent month is shown below: Total Per Unit Sales (43,000 units) $ 430,000 $ 10.00 Variable expenses 301,000 7.00 Contribution margin 129,000 $ 3.00 Fixed expenses 47,000 Net operating income $ 82,000 Required: (Consider each case independently): 1. What is the revised net operating

The following is financial information describing the six operating segments that make up Chucktown Sauce Company ( in thousands ) : Consider the following questions independently. None of the six segments have a primarily financial nature. a . What minimum revenue amount must any one segment generate to be of significant size to require
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trial balance needs to be balanced Task 16 Prepare and extract a Trial Balance Report as of 10 June from the ledgers above. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected. (Refer to Chapter 5 Accounting Principles Book One)
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Malak has decided to contribute some equipment she previously used in her sole proprietorship in exchange for a 1 0 percent profits and capital interest in Fast Choppers LLC . Malak originally paid $ 2 0 0 , 0 0 0 cash for the equipment. Since then, the tax basis in the equipment has been reduced to $ 1 0 0 , 0 0 0 because of tax depreciation, and

In 2020, X Como venue was $100,000, its total variable costs were $120,600, and its fixed costs were $89,900. For 2021, the company assumes that the relationship between revan variable costs will not change but that we costs will decrease by 25%. With a 3056 tax rate, what will revenue have to be in 2021 in order for X Company to earn $30,000
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The _ _ _ _ _ _ _ _ indicates that assets should be reported at the price received to sell an asset. Select answer from the options below fair value principle full disclosure principle economic entity assumption periodicity concept

One Trick Pony ( OTP ) incorporated and began operations near the end of the year, resulting in the following post - closing balances atDecember 3 1 :

Kevin has an annual salary of $ 4 6 , 4 6 5 , and he earned $ 2 9 . 2 5 interest from his savings account. He also paid $ 6 4 3 in student loan interest and contributed $ 1 8 0 0 to an IRA retirement account. Calculate Kevin s adjusted gross income.

Question 1 5 This term describes the total amount of income calculated before adjusting for deductions, credits, and exemptions. Adjusted Gross Income ( AGI ) Margin Profit Total Income Salary
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Calculate Equivalent units using both the Weighted Average method and FIFO for each of the following independent items noted below for the Packaging Department of ABC , Inc: Beginning Work in Process 2 , 0 0 0 units ( 1 0 0 % complete for materials; 6 0 % complete for conversion costs ) . Total units transferred out were 5 , 0 0 0 . Ending Work in
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value: 1.42 points MFG Company experiences the following cost behavior patterns each week: Fixed costs: supervisor's salary $2,200, factory rent $4,900 Mixed costs: utilities $2,700 $8.25 per unit Variable costs per unit: manufacturing labor wages $26.00, supplies used in production $11.50, packaging cost $5.25, warranty cost $4 Required Compute
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Additional information 1. Closing inventory at 31 st December 2019 was OMR 900,000 2. Depreciation will be provided as follows a) On Plant and Machinery @ 30% reducing balance method b) On office equipment @ 15% straight line method 3. Both the depreciation will be charged into administration expenses. 4. During the year the company issued
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Suppose if the carburetors were purchased, Troy Engines, Limited, could use the freed capacity to launch a new product with a segment margin of $ 1 5 0 , 0 0 0 per year. Given this new assumption, what would be the financial advantage ( disadvantage ) of buying 1 5 , 0 0 0 carburetors from the outside supplier? Given the new assumption in
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George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2019, George began working in London (for a total of 214 days in 2019). He worked there until January 31, 2020, when he transferred to Paris. He worked in Paris the remainder of 2020. His salary for the first five months of 2019 was $100,000, and

BPP Company maintains underground storage tanks for its operations. A new storage tank was installed and made ready for use at a cost of $ 2 , 6 0 0 , 0 0 0 on January 1 of the current year. The tank ' s useful life is estimated at 1 5 years, at which time the company is legally required to remove the tank and restore the area at an estimated cost
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Question 25 (1 point) With regards to the Cash Budget for a given period, by definition, if Cash Receipts from customers exceed Cash Disbursements for direct materials and labour, the organization is guaranteed to generate an overall Cash Surplus for the period in question True False
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Question 2 of 9 -/2 View Policies Current Attempt in Progress Wildhorse Co. sells office equipment on July 31, 2022, for $23.790 cash. The office equipment originally cost $81.100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700 Prepare the journal entries to (a) update
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Jason purchased a commercial building five years ago for $367,000. In the current year, Jason sold the building for $100,000 cash and the buyer's assumption of Jason's debt on the building of $298,000. Through the date of sale, Jason deducted $47,000 straight line depreciation on the building. Compute Jason's recognized gain on the sale and the
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1) items from the accounts of Albright distributors at July 31, 2020, follow, listed in alphabetical order. Albright distributors uses the perceptual inventory system. For simplicity, the operating expenses are summarized in the general expenses in selling expenses accounts prepare all bright distributors multistep income statement for the year

Use the following to answer questions 21 - 25 The company's cash lediper reports the following for the end of the month Information from October's bank statement and company records reveas the ronowng additional information: i) The ending Cash balance shown on the bank statement is $120,950. b) Cash recelpts of $18,000 from 10/2610/27 are
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Sharp company manufactures a product for which the following standrds have been set Standard quantity or hours, Standard Price or rate, Standard cost Direct Materials...... 3 feet ,,,,,,$5 ,,per foot $15 Direct Labor.......... ? hours ,,,,? ,,,per foot ? During March, the company purchased direct materials at a cost of $42,660, all of which were

Tilka Bhd. has an authorised capital of s0,000,000 ordinary shares of RMI each. On 1 January 2017, the company's paid-up capital was 60,000,000 ordinary shares of RM1 each, fully paid. During the year, the company had made a public offering of 15,000,000 new ordinary shares of RM 1 each, payable as follows: On applicationRM 0.40 On allotment RM
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Accounting plays a pivotal role in the world of business and finance, serving as the language that communicates the financial health and performance of an organization. Its significance extends beyond mere record-keeping; it is a fundamental tool that aids in decision-making, planning, and control. One of the primary functions of accounting is to

It Could Happen to You, It Could Happen to Me In December 2019, Kate accepted an invitation from friends to go snowboarding. Kate did everything right: took a lesson, stayed on trails well within her skill level, and maintained an awareness of people and objects near her. Even though she thought it was a bit dorky to wear wrist guards and a
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VERSION BACK Multiple Choice Question 154 The current assets of Vaughn Manufacturing expressed as a are $323500. The current liabilities are $167000. The current ratio proportion is $167000 $323500. 1.94:1 0.52:1 194%
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The cash records and bank statement for the month of July for Hawk Incorporated are shown below. Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the
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Which one of the following test of control is used to evaluate the internal control systems? a. Control environment b. Risk assessment C. Monitoring activity d. Control activity The purpose of making regular recommendation by an auditor is to improve the; a. Audit opinion b. Internal control c. Test of control d. Audit procedure
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Townsend, the sole shareholder of Pruett Corporation, has a $ 7 8 3 , 2 0 0 basis in his stock. He exchanges all of his Pruett stock for $ 9 7 9 , 0 0 0 of Rogers voting common stock plus land with a fair market value of $ 1 9 5 , 8 0 0 and basis of $ 4 8 , 9 5 0 . Pruett distributed the land to Townsend. This exchange meets all Code requirements.
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Computing Impairment of Patent In January of Year 1 , Idea Company purchased a patent for a new consumer product for $ 1 7 0 , 0 0 0 . At the time of purchase, the remaining legal life of the patent was 1 7 years. However, because of the competitive nature of the market, the patent was estimated to have a useful life of 1 0 years. During Year 5 ,

ungason ana Virung, who are marea with two choren and goy name to con owns a cash basis landscaping business, and Vicki works as a sales executive for a manufacturing business Jason (SSN 412.34.5670) and Vicki (SSN 412-34-5671) reside at 128 Bate Street, Bright AL 36146. Both chaden are under the age of Jason 3. (41234 56721 date of birth 7/2012
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Wildhorse Company issued $ 6 0 0 , 0 0 0 of 5 - year, 8 % bonds at 9 5 on January 1 , 2 0 2 2 . The bonds pay interest annually. ( a 1 ) Prepare the journal entry to record the issuance of the bonds. ( Credit account titles are automatically indented when amount is entered. Do not indent manually. ) Account Titles and Explanation Debit Credit
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Please answer ALL the blanks Part 1 Part 2 Territory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific Pounder. These surfboards are sold in two regions, East Coast and West Coast. Information about the two surfboards is as follows: Atlantic Wave Pacific
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S7-12 (book/static) Question Held Joure the actions below that should be recorded in the general journal transaction should not be recorded in the general journal identify the special journal that should be used. Assume the company uses the perpetual invertory system ocord debitor the send the explanation on the line of the journey table, if an
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The following transactions took place for Christoff Solutions Ltd. 2016 July 1 Loaned $85,000 to an employee of the company and received back a one-year, 5 percent note. Dec. 31 Accrued interest on the note. 1 2012 July 1 Received interest and principal on the note. (No interest has been recorded since December 31.) Required: Prepare the journal
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Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the companys products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 3,200 helmets, using 2,272 kilograms of plastic. The plastic cost the company $17,267. According to the standard

Some financial instruments such as convertible bonds, preferred stocks, warrants and options can have both debt and shareholders equity features. They can be converted into common stock or into preferred stocks by investors. This topic has been debated for several years on whether: Viewpoint 1: Issuers should account for an instrument with both

Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $30,000 $ 4,880 $ 58,300 $87,900 $ 4,150 Inventories Raw materials Work in
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Coastal Computer operates two retail outlets in Oakview, one on Main Street and the other In Lakeland Mall. The stores share the use of a central accounting department. The cost of the accounting department for last year was $220,000. Following are the operating results for the two stores for the year. Sales revenue Number of computers sold Main
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Bookmarks Window Help a mybusinesscourse.com Menu QUESTION 7 Partiaily correctMark 11.92 out of 20.00 ag question Journal Entries for Merchandise Transactions on Seller's and Buyer's Books- Perpetual System The following are selected transactions for Lamont, Inc, during the month of June: Sold and shipped on account to Lowery Company, $9,880
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Newhard Company applies overhead cost to jobs on the basis of 1 1 1 % of direct labor cost. Job 3 1 3 includes 1 , 6 5 0 units and its job cost sheet contains $ 2 8 , 4 0 0 in direct materials and $ 1 0 , 0 0 0 in direct labor.Required:a . What is the total manufacturing cost applied to Job 3 1 3 ? b . What is this job's unit product cost?

The current ratio: Multiple Choice Is used to measure a company's collection period. Is used to measure the relationship between assets and long - term debt. Measures the effect of operating income on profit. Is used to help assess a company's ability to pay its debts in the near future. Is calculated by dividing current assets by equity.
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