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The balance in unearned fees represented the February 1 receipt in advance for services to be provided. Only $1,500 of the services was provided between February 1 and February 28.
Harris Company manufactures and sells a single product. A partically completed schedule of the company's total and per unit cost over the relevant range of 30,000 to 50,000 per units produced and so
What is the total estimated cost for 2,600 machine hours using the high-low method to estimate the cost equation?
Starr Corporation loaned $90,000 to another corporation on December 1, 2010 and received a 3-month, 8% interest-bearing note with a face value of $90,000. What adjusting entry should Starr make on D
It received in exchange from Noach Company a machine with a fair value of $180,000 and cash of $20,000. Noach's machine has a book value of $190,000. What amount of gain should Hinrich recognize on
Carpenter Company purchased equipment for $12,000. Sales tax on the purchase was $600. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installa
Your company accrues $20,000 of salary expense at the end of Year 1, then paid $30,000 of salaries early in Year 2. How much salary expense applies to year 1 and 2, respectively?
The product will earn future revenues of $4,000,000 over its 5-year life, as follows: 2008 - $1,000,000; 2009 - $1,000,000; 2010 - $800,000; 2011 - $800,000; and 2012 - $400,000. What portion of the
The income statement section of the work sheet of Smith Company for the year ended December 31, 2007, has $166,000 recorded in the debit column and $190,000 in the credit column on the line for the
Linda is self-employed and spends $600 for business meals and $400 for business entertainment in 2009. What is Linda allowed to deduct in 2009 for these expenses?
How much may she deduct on Schedule A as a miscellaneous deduction, before considering the 2% of adjusted gross income limitation?
Peter operates a dental office in his home. The office occupies 250 square feet of his residence, which is a total of 1,500 square feet. During 2009, Peter pays rent for his home of $12,000, utiliti
How much may they deduct on Schedule A for special clothing and uniforms (before applying the 2% of adjusted gross income limitation)?
Richard operates a hair styling boutique out of his home. 300 of the 1,200 square feet of floor space are allocated to the boutique. Other information is as follows:
Cleveland Company has a stock portfolio valued at 4000. Its cost was 3300. If the Securities Fair Value Adjustment (available-for-Sale) account has a debit balance of 200, prepare the journal entry
it distributes $200,000 ($100,000 each) to its equal shareholders, Michele and Wally. Michele's stock has a basis of $11,000 and Wally's stock has a basis of $26,000. How is the distribution treated
A firm has $200,000 in current assets, $400,000 in long-term assets, $80,000 in current liabilities, and $200,000 in long-term liabilities. What is its net working capital?
The ABC Corp. had net income before taxes of $400,000 and sales of $2,000,000. If it is in the 50% tax bracket what is its after-tax profit margin ?
A firm has total assets of $2,000,000. It has $900,000 in short-term debt. The stockholders equity is $900,000. What is the total debt to asset ratio?
A firm has a debt to equity ratio of 50%, debt of $300,000, and net income of $90,000. what is the return on equity ?
A firm has forecasted sales of $30,000 in April, $45,000 in May and $60,000 in June. All sales are on credit. 30% is collected the month of sale and the remainder the following month. What will be b
If a firm has a break-even point of 20,000 units and the contribution margin on the firm's single product is $3.00 per unit and fixed costs are $60,000, what will the firm's net income be at sales o
Under normal conditions (70% probability), Financing Plan A will produce $24,000 higher return than Plan B. Under tight money conditions (30% probability), Plan A will produce $40,000 less than Plan
At age 5, how much would you have to save per month to have $1 million in your account at age 65, if your investment rate was 10% per year? Assume no taxes and compounding on a monthly basis.
Office supplies has assets equal to 137,000 and liabilities equal to 110,000 at year end. What is the total equity at the year-end?