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Dividends during 19X6 totalled $263 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, 19X6 was $160. what Larned Company's earning
Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees recieve a salary of $700 each per week, and three employees earn $600 per
The Clark Company makes a single product and uses standard costing. Some data concerning this product for the month of May follow:
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require rev
The Alpha Company produces toys for national distribution. Standards for a particular toy are:what is the materials price variance ?
Managers are given bonuses based on the financial accounting net income for their product line. Which one of the following methods, used internally, would best accomplish this? a. Use absorption cos
Union Company uses a standard cost accounting system. The following overhead costs and production data are available for August:
There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement.
At standard, each unit of finished product requires 5 machine-hours. The following cost and activity were recorded during October:
Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term not
Compute the amount of before-tax savings that must be generated by the new tractor to have a payback period of no more than 3 years.
Hart Company's labor standards call for 500 direct labor hours to produce 250 units of product. During October the company worked 625 direct labor hours and produced 300 units. what the standard hou
Intangible development costs total $120,000. After extraction has occurred, Balcom must restore the property (estimated fair value of the obligation is $60,000), after which it can be sold for $170,
Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month
What did you learn from inquiries of management? Do you think that the fact that this is a first time audit for your firm/engagement team, that you have additional considerations? If yes, what might
The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip:
Based on the following production and sales estimates for May, determine the number of units expected to be manufactured in May. Estimated inventory (units), May 1 20,000 Desired inventory (unit
A partnership has the following accounting amounts: Partnership net income (loss) is
The following standards for variable manufacturing overhead have been established for a company that makes only one product:
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of eac
For the month of April, actual direct labor hours amounted to 2,000. In April, what was Thorp's standard direct labor rate per hour?
The Reedy Company uses a standard costing system. The following data are available for November:what the actual direct labor rate for November is:
Determine predetermined allocation rate that should be used to assign manufacturing overhead to inventory units next year for internal reporting purposes.
Lab Corp. uses a standard cost system. Direct labor information for Product CER for the month of October follows: