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Eagle makes the following cash distributions: $90,000 to Rosie on March 31 and $90,000 to Manuel on November 1. How are the distributions taxed to Rosie and Manuel? What is Rosie's recognized gain o
Brewer Inc. has 2,000 shares of 8%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2010, and December 31, 2009. The board of di
Corn prices have been severely depressed in recent years and Agriproducts's best guess is that corn prices will be around $2.00 per bushel at the time the crop is ready for harvest. Should the compa
the company can sell the corn crop to the local grain elevator for $1.85 per bushel. If Agriproducts elects to sell the grain to the refinery, the company will not incur the variable selling costs.
Corn prices have been severely depressed in recent years and Agriproducts Corporation's best guess is that corn prices will be around $2.00 per bushel at the time the crop is ready for harvest. What
If the company uses the income statement approach of estimating uncollectible accounts and has estimated that uncollectible accounts will be 1.5% of net sales, what is the amount of uncollectible ac
What is the opportunity cost per unit of selling to the Texas company?
A company started the year with $400 of supplies. During the year the company purchased additional supplies costing $1,600. There were $800 of supplies on hand at the end of the year. An adjusted tr
If $1 spent on advertising could increase either audit services billable time by 1 hour or tax services billable time by 1 hour, on which service should the advertising dollar be spent?
with interest payable each March 1 andSeptember 1. At the time of issuance, the market interest rate forsimilar financial instruments is 10%.
Differences between the amount of cash reported on a company's bank statement and the balance in the company's Cash account before the bank reconciliation are primarily due to:
Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $1,900. The amount of expense reported on the income statement and the balance in Allowance for Uncollectible accounts
Lancers Inc. is involved in five separate industries. The following information is available for each of the five industry segments. Operating Segment Total Revenue Operating Profit (Loss) Identifiab
During March Manhattan Fabrics Corporation manufactured 1,000 units of a special multilayer fabric with the trade name Stylex.
If the Maturity Value of a 210 day note is $63,500 and the interest is $3,500, based on 10%, what is the principal of this note?
On January 10, 2006, Maxim Corporation acquired equipment for $124,000. The estimated life of the equipment is 3 years or 24,000 hours. The estimated residual value is $10,000. What is the balance o
When this error was uncovered in 1995 after the 1994 reporting year had been closed, what journal entry was made to correct the error?
Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following tran
The only additional selling expense on this order will be a $0.50 per unit shipping cost. There will be no additional administrative expenses because of this order. State operating income as well.
What is the key difference between absorption and variable costing? Assuming identical companies (one using absorption costing and the other using variable costing) in their first year of operation,
Suppose you own stock in a company. The current price is $25. Another company has just announced that it wants to buy your company and will pay $35 per share to acquire all the outstanding stock. Yo
May 21 Obtained a 60-day extension on a $36,000 trade account payable owed to a supplier by signing a 60-day, $36,000 note.
The Assembly Department started the month with 59,000 units in its beginning work in process inventory. An additional 274,000 units were transferred in from the prior department during the month to
Determine the due date and the amount of interest due at maturity on the following notes: Oct. 1 fee amount 10,500, interest rate 8%, and term of the note is 60 days, Aug. 30 18,000, 10%,120 days, M
On January 1, 20xx, alpha Corporation isuued $800,000 of 10%, 30-year bonds to lenders at par (100). Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries