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On their separate 2011 income statements, Payton & Starker reported depreciation expense of $84,000 and $60,000 respectively. The amount of depreciation expense on the consolidated income statem
You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant. •Describe for the student
On july 17, 2010, Kevin places in service a used automobile that cost $18,000. The car is used 80% for business and 20% for personal use. In 2011, he used the automobile 40% for business and 60% for
It has accumulated depreciation of $8,000 and a fair market value of $4,000. The transaction has commercial substance. A) Journalize the exchange for Coran's Delivery company.
Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Instructions: Journalize all entries required on the above dates, including entries to update depreciation were applicable, on assets disposed of Ingles Comp uses straight line depreciation. Assume
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting soft
Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year
What are the pros and cons of the following state and local tax provisions? Be sure to include any related information regarding these types of taxes.
Michelle received a distribution of $8,000 cash from the partnership; and Michelle had a 50% share in the partnership's $16,000 of liabilities on the last day of the partnership year. Michelle's adj
What is the predetermined office overhead rate per billable labor hour?
If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
The best opportunity for cost reduction is (a) during the distribution phase of the value chain (b) during the manufacturing phase of the value chain (c) during the product/process design phase of t
Selling price is computed by adding a 20% markup to full cost. How much should the selling price be per unit for 300,000 units?
Short-run pricing decisions include (a) pricing a main product in a major market (b) adjusting product mix and volume in a competitive market while maintaining a stable price if demand fluctuates fr
Major influences of competitors, costs, and customers on pricing decisions are factors of:
Major influences of competitors, costs, and customers on pricing decisions are factors of (a) supply and demand (b) activity-based costing and activity-based management (c) key management themes tha
Sondra deposits $2,000 in an IRA account on April 15, 2009. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2019
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What pr
Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:
Company X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's c
The company produces two products, Gert and Mill. Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using acti
Raven Corporation owns three automobiles that it uses in its business. It no longer needs two of these cars and is considering the possibility of distributing them to its two shareholders as a prope
The company plans to sell 22,000 units of Product WZ in June. The finished goods inventories on June 1 and June 30 are budgeted to be 100 and 400 units, respectively. Budgeted direct labor costs for
At an activity level of 6,000 units the cost for maintenance is $7,200 and at 10,000 units the cost for maintenance is $11,600. Using the high-low method, the cost formula for maintenance is: