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Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010. Compute net income for 2010
Jim Yount, M.D., keeps his accounting records on the cash basis. During 2011, Dr. Yount collected $360,000 from his patients. At December 31, 2010, Dr. Yount had accounts receivable of $50,000. At D
Milsap Corporation reported total assets of $2,500,000, total current liabilities of $900,000, and total long-term liabilities of $800,000. Therefore, what the stockholders' equity was ?
On January 1, 2010, Learned Inc., issued $14 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December
From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Period costs.
A business machine purchased April 10, 2008, for $86,000 was fully depreciated in 2008 using § 179 immediate expensing. On August 15, 2009, the sole proprietor who owned the machine died. On t
Lewis Company traded machinery with a book value of $190,000 and a fair market value of $180,000. It received in exchange from Tommons Company a machine with a fair value of $200,000. Lweis also pai
Flying Penguins Corp. has total current assets of $11,845,175, current liabilities of $5,311,020, and a quick ratio of 0.89. What is its level of inventory?
Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Prepare entries for recognizing accounts receivable.
Martin & Associates borrowed $5,000 on April 1, 2010 at 8% interest with both principal and interest due on March 31, 2011 How much should be in the firm's interest payable account at December 3
There were 21,000 units in the ending work in process inventory of the Assembly Department. How many units were transferred to the next processing department during the month?
adam corporation's inventory of a particular product includes 200 units purchased at a per-unit cost of $40, and another 100 units purchased at a unit cost of $50. If adam sells 10 units of this pro
What price would have been charged to the customer if the job required $3,200 in materials and $4,200 in direct labor cost, and the company priced its jobs at 40% above the job's cost according to t
The present value of a $1,200,000 note payable in three equal annual installments of $400,000 at a 10% rate of interest is $994,800. What is the amount of interest income that should be recognized b
Omara acquired all of these bonds at 94 and retired them. What net carrying amount should be used in computing gain or loss on this early extinguishment of debt.
The following data are available for ABC Company for the year 2009: What is cost of goods manufactured for 2009
On January 1, 2008 William Corp had outstanding $1,000,000 of 12% bonds with a carrying amount of $966,130. The indenture specified a call price of $981,000. The bonds were issued preciously at a pr
$27,360 was from revenue earned on account in 2007. In addition, Conan earned $38,210 of revenue in 2008, which will not be collected until 2009.
The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Olga's boss gave her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, they had a face price of $200 and were selling on eBay for $
The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contrac
Does the presence of under- or overapplied overhead at year-end indicate that Rockville's accountants made a serious error? Briefly explain.
In November and December 2007, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2008 issue. Lane include
On July 31, 2008 Baker completed a $5,500 service job for a customer. The customer did not pay cash for the job when it was completed - the customer will pay for the job on August 15, 2008. It was l
warren's diner needed a new location.this establishment spent 6500.00 to refurbish an old shop and create the current facility. The firm borrowed 75 percent of the refurbishment cost at 8 percent in