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Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2011, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at th
On February 10, Peerless Rocks Inc, a marble contractor, issued for cash 60,000 shares of $10 par common stock at $34, and on May 9, it issued for cash 120,000 shares of $5 par preferred stock at $9
Division W of Comer Company has sales of $840,000, cost of goods sold of $500,000, operating expenses of $256,000, and invested assets of $600,000. What is the profit margin for Division W?
During the year, dividends of 30,000 were paid and 25,000 of additional capital stock were issued. Beginning of year: Asset-290,000, Liabilities-190,000 and Ending of year: Asset-355,000, Liabiliti
Ann is the maker of a $1,000 promissory note in favor of Bob. Bob indorses the note to Cody who, in turn, indorses it to Dru, the present holder. what is the party entitled to recover payment from C
Speedy Delivery Company provides next-day delivery across the southeastern United States. During May, Speedy incurred $120,000 in fuel costs. Speedy paid $90,000 of the fuel cost in May, with the re
Between January 1 and June 30, what happened to the market value of the company's bonds? Explain and discuss the significance to the company.
If total assets increased $149,420 during the year and total liabilities decreased $82,800, what is the amount of stockholders' equity at the end of the year?
During 2009, Murray, who is 60 years old and unmarried, provided all of the support of his aged mother. His mother was a resident of a home for the aged for the entire year and had no income. What i
Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively.
The present value of these cash flows, discounted at Harrel's market interest rate, is $2,800,000. At what amount should the patent be carried on the December 31, 2011 balance sheet?
Compute MM's current income tax expense or benefit for 2009 showing the details of the computation.
American Products is concerned about managing cash efficiently. On the average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Accounts payable are paid approx
Adcock issued $2,000,000 of 8% convertible bonds at face value during 2006. Each $1,000 bond is convertible into 30 shares of common stock.
You own 8% of the Standlee Corporation's common stock, which most recently sold for $98 before a two-for-one stock split announcement. Before the split, there are 30,000 shares of common stock outst
Prepare the necessary adjusting entries at December 31, 2009, for the Falwell Company for each of the following situations. Assume that no financial statements were prepared during the year and no a
Jay´s Trucking Inc., has issued an 8%, 20 year bond paying interest semiannually. The bond has a face value of $1,000. If the yield of the bond is 10% (effective annual yield), what is the pri
Oct. 10 Received a check for $550 as payment on account from Ann Koch, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in Nov
Taylor Company estimates that 3% of accounts receivable will become uncollectible. Accounts receivable are $100,000 at the end of the year, and the allowance for doubtful accounts has a $500 debit
A plant asset acquired on October 1, 2008, at a cost of $300,000 has an estimated useful life of 10 years. The salvage value is estimated to be $30,000 at the end of the asset's useful life.
On January 1, 2008, Kohl Corporation issued $700,000, 8%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Kohl Corporation has a calendar year end.
while Jake's loan matures in 5 years (60 months). After 48 months Jamie's loan will be paid off, but what will be the remaining balance on Jake's loan?
Laurel Electronics reported the following information at its annual meetings. The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,121
"Candice Willis will invest $30,000. She needs $150,000 in 21 years. What annual interest rate must she earn?