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The FIFO method of process costing is used by Morgan. Beginning work in process was 25% complete as to conversion costs, while ending work in process was 50% complete as to conversion costs.What wer
Barr Company's salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2007 is as
The terms provide for semiannual installment payments, not including real estate taxes and insurance of $58,865. Payments are due June 30 and December 31. Instructions: a.) Prepare an installment pa
Compute the amount of fixed manufacturing overhead that would be expensed in the current year if full absorption costing is used.
Sunwood Company issued $500,000 of 6%, 5-year bonds at 98, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
Formosa Co sold $400,000 9% 10-year bonds on January 1,2005. The bonds were dated January 1, and interest is paid on January 1 and July 1. The bonds were sold at 105. (a) prepare the journal entries
The 2007 financial statements of Shadow Co. contain the following selected data (in millions).what is the debt to total assets ratio ?
Norton Company issues 4,000 shares of its $5 par value common stock having a market value of $25 per share, and 6,000 shares of its $15 par value preferred stock having a market value of $20 per sha
The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2007, contained the following accounts.
On January 1, 2007, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on
Hawk Corporation pays Eagle a dividend of $300,000, which was considered in calculating the $233,000. What amount of dividends received deduction may Eagle claim if it owns 25% of Hawk's stock?
Two sisters operate a bed and breakfast on the coast of Maine. As customers make reservations they are required to pay cash in advance equal to one-half of the rate for their stay. How should the si
(a) Prepare the entry to record the issuance of the bonds and warrants.
On January 1, 2007, Brunson Company, a calendar-year company, issued $400,000 of notes payable, of which $100,000 is due on January 1 for each of the next four years.what is the proper balance sheet
Assume that you are the controller for Carter hawley hale stores. The Chief financial office of Carter Hawley Hale stores has asked you to prepare a short memo from giving your recommendations as to
During 2007, Sitter Corporation reported net sales of $2,000,000, net income of $1,200,000, and depreciation expense of $100,000. Sitter also reported beginning total assets of $1,000,000, ending to
In addition, the company had outstanding all year a 10%, 3-year, $2,400,000 note payable and an 11%, 4-year, $4,500,000 note payable. What amount of interest should be charged to expense?
Brinkman Corporation bought equipment on January 1, 2007 .The equipment cost $90,000 and had an expected salvage value of $15,000. The life of the equipment was estimated to be 6 years. what is the
Edwards Auto Body uses a job order cost system. Overhead is applied to jobs on the basis of direct labor hours. During the current period, Job No. 337 was charged $425 in direct materials, $475 in d
Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that t
Which of the following research and development related costs should be capitalized and amortized over current and future periods?
Upton Company purchased equipment on January 1 at a list price of $50,000, with credit terms 2/10, n/30. Payment was made within the discount period. Upton paid $2,500 sales tax on the equipment, an
The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively.
The partnership contract for Cole & Dane LLP provides that Cole is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the pa