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Mitch Corporation's contribution margin ratio is 14% and its fixed monthly expenses are $87,000. If the company's sales for a month are $678,000, what is the best estimate of the company's net opera
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year total $2,200,000. Bad debt ex
Botkins issued 56,000 new shares of its common stock valued at $3.25 per share for all of the outstanding stock of Volkerson. Assume that Botkins acquired Volkerson on January 1, 2010. At what amou
Carver Company produces a product which sells for $30. Variable manufacturing costs are $15 per unit. Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed sell
Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting e
To finance a new department, Dannella Yogurt Corporation borrowed $80,000 at an interest rate of 10% On April 1, 20A. Considering the income tax rate of 40%, what is the effective interest rate (net
Determine the denominators to be used in the calculations of cost per equivalent unit for materials and conversion costs.
what Michelle's adjusted basis for her partnership interest at year end is ?
Ortiz Corporation, a manufacturer of household paints, is preparing annual financial statements at December 31, 2010. Because of a recently proven health hazard in one of its paints, the government
If the company has 30 million shares of stock outstanding, what is the best estimate of the stock's price per share?
The president believes that a $16,000 increase in the monthly advertising budget, combined with an intensified effort by the sales staff, will result in an $80,000 increase in monthly sales. If the
Paul Inc. forecasts a capital budget of $725,000. The CFO wants to maintain a target capital structure of 45% debt and 55% equity, and it also wants to pay dividends of $500,000. If the company foll
it wants to avoid issuing any new common stock during the coming year. Given these constraints, what percentage of the capital budget must be financed with debt?
The company is currently selling 7,000 units per month. Fixed expenses are $615,000 per month. The marketing manager believes that a $21,000 increase in the monthly advertising budget would result i
how much net income must it earn to meet its capital requirements, pay the dividend, and keep the capital structure in balance?
Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system.Dete
What will be the book value of this purchase (excluding all other Plant and Equipment) after its first year of use?
Journalize the entry for the payment of $28,560.85 to the Federal Government on April 30, 2001 for FICA Taxes owed by the company."
The total budgeted manufacturing overhead for the year was $2,000,000, of which $1,600,000 was variable and $400,000 was fixed. The standard variable overhead rate was $2 per direct labour-hour. The
Tony estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used.
Between April 1 and June 30, 2010, she constructs an addition to her new house at a cost of $20,000. Kelly's basis for the new residence.
in additional cash outlays required to operate the machine. The company uses the straight-line method of depreciation and desires a 12% minimum rate of return.
What is Sarah's realized and recognized gain or loss on the 100 shares sold on October 11, 2010?
Mary bought 100 share of Ford Motor Company stock in 2008 at $40 per share. It is now values in 2010 at $50 per share. How much tax liability will Mary have when she submits her 2010 tax forms to th
The following checks were outstanding: no. 94, 121.16; No.96, 106.30; no. 99, 64.84. A deposit of 765.69 was not recorded on Donna's bank statement. Her checkbook shows a balance of 806.94. Prepare