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To alleviate the overstocing of refrigertors at a Minneapolis retailer, some were reshipped to a Kansas City retailer where they were still held in inventory at Decmber 31,2009. Happlia paid the cos
Dye Company can sell all the units it can produce of either Plain or Fancy but not both. Plain has a unit contribution margin of $96 and takes two machine hours to make and Fancy has a unit contribu
Alamo completed the followingtransactions in January, 2010. Prepare journal entries in good form for these transactions.
Small Fry Company has sales of $1,000,000, variable costs of $400,000, and fixed costs of $450,000. what is the Small Fry's degree of operating leverage ?
If this division is eliminated, the fixed expenses will be allocated to the company's other divisions. What is the incremental effect on net income if the division is dropped?
Mary Houser has $1,200 overdue debt for medical books and supplies at Ken's Bookstore. She has only $400 in her checking account and doesn't want her parents to know about the debt. Ken's tells her
The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. w
Each month, Ace paid $2,000 for secretarial services. Ace also paid sales commissions of $100 for each chair sold. (a) What was the cost per chair completed ? (b) Prepare a schedule of cost of goods
Max Company purchased equipment on November 1, 2010 and gave a 16-month, 12% note with a face value of $5,000. Interest will not be paid in cash until the note matures. The December 31, 2010 adjusti
Stanbrough Company has the following budgeted sales: July $100,000, August $150,000, and September $125,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collec
Cola Co. manufactures a product with a standard direct labor cost of two hours at $24.00 per hour. During July, 2,000 units were produced using 4,200 hours at $24.40 per hour. what was the labor pri
After allocating net income and closing the partners' drawing accounts, assume the partners' capital accounts have credit balances as follows: Adams $20,000; Bell $30,000; and Cooley $45,000. Partne
Osborn Company allocates interest and unamortized discount or premium on the effective interest basis. Prepare a schedule of interest expense and bond amortization for 2010-2012.
Wilton Company reported net income of $40,000 for the year. During the year, accounts receivable decreased by $7,000, accounts payable increased by $3,000 and depreciation expense of $5,000 was reco
Waters Department Store had net credit sales of $12,000,000 and cost of goods sold of $9,000,000 for the year. The average inventory for the year amounted to $2,000,000.what is Inventory turnover f
Luis is the sole shareholder of Stork Inc. a C corporation, and Eduardo owns a sole propritorship. Both businesses were started in 2010 and make a profit of 80,000 this year. Each owner withdraws 50
The Northern Division of the Smith Company had average operating assets totaling $150,000 last year. If the minimum required rate of return is 12%, and if last year's net operating income at Norther
Adam transfers inventory with an adjusted basis of 120000, fair market value of 300000, for 80 % of the stock of heron corporation. In addition , he receives cash of 30000. Adam reconizes a capital
Suppose Mighty Mint can win the Quality Candy business by bidding a price of $16 per case (but no higher price will result in a winning bid. Should Mighty Mint bid $16.
Journalize the entries to close the income summary account and the drawing accounts.
Company's total fixed costs equal $ 76,000. Using a weighted average CM, what is the company's breakeven point in units?
Goofy Inc. bought 15,000 shares of Crazy Co.'s stock for $200,000 on May 5, 2010, and classified the stock as available for sale. The market value of the stock declined to $125,000 by December 31, 2
December 31 total income tax for 2010 was 128,948. Record as an adjustment the difference between this amount, in the total quarterly deposits.
None of Music's fixed overhead costs can be reduced, but another product could be made that would increase contribution margin by $9,000 if the CDs were acquired externally. The purchase price for 6
Fleming Company has the following items: write-down of inventories, $240,000; loss on disposal of Sports Division, $370,000; and loss due to an expropriation, $226,000. Ignoring income taxes, what t