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CarMax Inc. reports sales of $6,973,966 and cost of sales of $6,005,796 for the year ended February 28, 2009. what is the gross profit for the year ?
During the year, Best Pictures reports net income of $350,000 and pays $90,000 of cash dividends. At the end of the year, the market value of Berlin's investment is $3.7 million. What is the year-en
Compute the unit variable cost and the contribution margin per unit. If fixed costs are $2750.00 per month. What is the break-even point in units?
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What pr
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 6% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 8%. What pr
Central Supply purchased a new printer for $60,000. The printer is expected to operate for eight (8) years, after which it will be sold for salvage value (estimated to be $6,000). How much is the fi
A patent was purchased for $670,000 with a legal life of 20 years. Management estimates that the patent has an 8-year economic life. The entry to record amortization would include:
Atlantic Animation Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands). Determine the appropriate allowance for uncollectible accounts:
If you purchased $6000 of inventory for cash; later in the same year one-half of the inventory was sold for $4000 on account. What would the amount of net income and net cash flow from operating act
Purchased 4,000 shares of Proxperity common stock for $15 per share. These securities are publicly traded and Sentient classifies them as trading securities.
A company records purchases using the net method. On February 1, they purchased merchandise inventory on account for $8,300 with terms of 1/10, n/30. The February 1 journal entry to record this tran
Madison Company issues $300,000 of 10% bonds that pay interest semiannually and mature in 10 years. Compute the bonds' issue price assuming that the bonds' market interest rate is:
Installation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the ten-ton dr
Olga Sorescu Company uses the average cost method to account for lawn chairs inventory and has the following activity during the month of March, 2009. Compute the cost of goods sold for March and th
Tom and Wendy were employed at Poolywhirl. Their job entailed working at great heights in a factory, protected by a safety net. This net had proven inadequate in the past, and when asked to walk on
As a result of the collision, both Bing and Hart suffered permenant injuries. Speedy and Troy were both in compliance with the state's workers compensations statue. If Hart commences an action again
Write a 700- to 1,050-word paper in APA format comparing and contrasting the different types of accounting, namely accrual, cash flow, and fund accounting. Be sure to consider the following:
If the allowance for doubtful accounts had a debit balance of $600 instead of a credit balance of $1,500, determine the amount to be reported for bad debts expense.
How does the securities act of 1933, which imposes civil liability on auditors for misrepresentations or ommisions of materials facts in a registation statement, expand auditors liabiltiy to purchus
Krims representaion was untrue because of material change which took place May 20. First ralied on Smiths assurance of no change. Shortly thereafter, United became insolvent. If First sues Smith for
The revenues of profit-seeking organizations are based on user charges. Users may be charged for various services provided by G&NP organizations as well. However, the nature and purpose of user
What conclusions can you drawn about the use of traditional costing vs. ABC costing for the Wernecke Company? What recommendations do you have for the president?
If the sales price per unit is $35, the unit contribution margin is $7.50, and total fixed expenses are $56,000, what is the breakeven point in units?
Clark's Chemical Company received customer deposits on returnable containers in the amount of $100,000 during 2009. Twelve percent of the containers were not returned. The deposits are based on the
If 300,000 is to be distributed as a dividend for the current yearr, what total amount will be distributed to preferred stockholders and common stockholders?