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During 2009, Tempo Inc has monthly cash expenses of $120,000. On December 31, 2009, their cash balance is $1,860,000. what the ratio of cash to monthly cash expenses is ?
Derek Company gathered the following reconciling information in preparing its September bank reconciliation:
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the average cost met
they calculated their inventory at $80,000. The mark up is 100% of cost. Determine the ending inventory at its estimated cost ?
The unearned rent account has a balance of $36,000. If $4,000 of the $36,000 is unearned at the end of the accounting period, what the amount of the adjusting entry is ?
The accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical order. All accounts have normal balances.
In forming the company, Fallen also spent $11,000 on legal fees and $4,500 on accounting fees. During the year, Fallen spent $7,500 on product development and paid $10,000 in continuing franchise fe
At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000
If beginning capital was $70,000, ending capital is $48,000, and the owner's withdrawals were $21,000, what was the amount of net income or net loss ?
The accountant at Patton Company has determined that income before income taxes amounted to $8,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes pai
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. W
A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units fo
Assuming that depreciation is to be computed on the straight-line basis, compute the annual depreciation on the new equipment that should be provided for the fiscal year beginning June 1, 2012. (Rou
On the date of purchase, the book value of the bonds payable was $67,600. Sparrish paid $65,200 based on a 12% effective interest rate over the remaining life of the bonds. What is the non-controlli
Howe Company increased its ROI from 20% to 25%. Net operating income and sales remained at their previous levels of $40,000 and $1,000,000 respectively. The increase in ROI was attributed to a reduc
Anita has decided to sell her stock in TOM, Inc. She purchased the stock 5 years ago for $1,000. The current fair market value is $600. Anita's sister, Kathy, is interested in buying the stock as is
Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net i
Prepare the entry(ies) to record the conversion on April 1, 2011. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Davis, Inc. uses the accrual method of accounting and the calendar year accounting period for both financial reporting and tax purposes. Davis has provided the following information from its 2010 fi
Compare Sonja's after-tax income assuming she remains in Spain with her after-tax income if she returns to the United States.
On January 1, 2010, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discount o
What is each partners beginning putside basis and how much gain(loss) must the partners recognize in 2010 when Picture Perfect was formed?
What would be the company's net operating income if the marketing manager's recommendation is adopted?
The company declared a property dividend on April 1. Each common stockholder was to receive one share of Washington for every 10 shares outstanding.
The actual supply cost last month was $3,260. In the company's flexible budget performance report for last month, what would have been the spending variance for supply costs?