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A company recorded sales of $160,000 during march. management expects sales to increase 5% in april, 3% in may, adn 5% in june. cost of goods sold is expected to be 70% of sales. what is the budgete
Given the acquisition cost of product Z is $32.00, the net realizable value for product Z is $29.00, the normal profit for product Z is $2.50, and the market value (replacement cost) for product Z i
Collier borrowed $175,000 in cash on October 1, 2010 and is required to pay $180,000 on March 1, 2011. What would be the carrying value of the note payable on October 1, 2010 and how much interest i
Shamrock Company had a net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. On April 1, the company issued an additional 2,000 shares of common stock. The
During the first year, 750,000 tons of ore were mined, and $450,000 was spent for labor and other operating costs. Compute the total cost per ton of ore mined in the first year. Show computations by
A company has a market value per share of $73.00. Its net income is $1,750,000 and the weighted-average number of shares outstanding is 350,000. The company's price-earnings ratio equals:
Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2009.
Huff purchases 500 of the offered shares. Huff has brought an action against Ward under Section11 of the Securities Act of 1933 for losses resulting from misstatements of facts in the financial stat
Accounting Firm is among several defendants found liable in a private civil action brought by an individual plaintiff inder the SEC of 1934. Plaintiff, who has a net worth of $500,000.
Selling 10 units of a product. The product sells for 25 dollars per unit . Fixed cost is 5.00 pet unit and variable cost is 15.00 per unit. What will happen to net income if they raise selling price
There are a number of other manufacturers who produce similar water toys. Riter believes that continuously improving its manufacturing processes and having satisfied employees are critical to implem
A company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 unfavourable; a
Show the effects of the purchase, sale and annual depreciation on the basic accounting equation. (The basic accounting equation is introduced on page 34 of the textbook.
Eastside Medical Testing conducts tests to detect drug use. A client is questioning the high price of a test and doubts that the price is justified by significantly higher costs to conduct the test.
Contribution margin to sales ratio is 84% for the ABC Co. and the breakeven point in sales is Rs. 150,000. The company desires a target net income of Rs. 42,000.
The income tax rate for all previous years was 40%. On January 1 of the current year a new tax law was enacted, reducing the rate to 30% effective immediately. Fama's income tax payable for the curr
As of December 31, 2010, the equipment has a remaining useful life of 4 years. Assume that Pujols intends to dispose of the equipment in the coming year. It is expected that the cost of disposal wil
Jane Adams applied for a job in a factory driving a forklift truck. The job requirement included weighing at least 160 pounds to have suffecient strength to pick up the 100 pound boes which were car
Genetech has $2,000,000 in assets, had decided to finance 30% with long-term financing (13% rate) and 70% with short-term financing (9%)rate. What will be their annual interest costs?
In general, which of the following statements is correct with respect to unemployment compensation?
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2008, for $562,613.This price resulted in an effective-interest rate of 10% on the bonds.
Factory Overhead is applied at a rate of $9 per hour, of which $6 is variable. The actual variable factory overhead is $32,000. In the current period, 2500 units are produced at a standard time of 2
As a result of a comprehensive analysis, it is determined that the December 31, 2011 balance of Allowance for Bad Debts should be $6,300. Show, in general journal format the adjustment required.
Lyle performed legal and accounting work during the incorporation process in return for six shares of stock. Determine the tax consequences of the transfer to all parties.
Wal-Mart, Inc. has net income of $9,054,000 on net sales of $256,329,812. The company has total assets of $104,912.112 and shareholders' equity of $43,623,445. Use the extended DuPont identity to f