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Each steak dinner sells for $14.00 each. What is the budgeted total variable cost?
The contribution margin in the downtown store was $320,000 (32% of sales). The contribution margin in the campus store is $110,000. Direct fixed costs are $90,000 in the downtown store and $93,000 i
The activity variance for vehicle operating cost in November would be closest to
The actual vehicle operating cost for the month was $8,730. The activity variance for vehicle operating cost in November would be closest to:
Set up a T-account for Factory Overhead and enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate.
A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder. (a.) What is the company's recognized gain or loss on the sale?
A company has taxable income of $1,760 with a tax rate of 38 percent. Owners equity is: $400 in stock, $200 in capital surplus, and $200 in retained earnings. What is the return on equity (ROE)?
December 31 - The business recorded a net income of $24 000, and Brady had a debit balance of $16 000 in his drawings account. Show the entry to allocate the net income to the partners' capital acco
Castil Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 2.6 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as foll
Jeremiah has contacted you regarding the effect, if any, of the proposed consulting engagement on the tax treatment of his earlier stock redemption. Prepare a letter to Jeremiah and a memo for the f
Idol also requested a line of creditfor $300,000 from the bank. The bank agreed to grant the necessary line of credit at a rate of 3 percent over prime and required a 15 percent compensating balance
Assume that Corporation X has 20,000 shares of $10 par value cumulative 6% preferred stock and 5,000 shares of common stock outstanding. No dividends were paid in 2009 and 2010. In 2011, the board o
Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others?
The bonds were issued four years ago at par ($2,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate. what are Diluted earnings
Offsetting these factors is the observation that the average commission per trade is likely to increase by 15 percent because trades are expected to be larger in the coming year. Estimate SVI's com
Smelly Perfume Company manufactures and distributes several different products. They currently use a plant-wide allocation method for allocating overhead at a rate of $7 per direct labor hour.
During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account
The company has 2,800 units in its March 1 finished-goods inventory and anticipates having 2,400 completed units in inventory on March 31. On the basis of this information, how many units does Yorkl
As of June 1, beginning WIP is $3,000 and finished goods are $5,000. The company sold units costing $20,000 for $35,000 cash. If ending WIP is $18,000 and ending finished goods is $15,000, how much
Based on this information alone, the amount of total liabilities appearing on the December 31, 2009 balance sheet would be ??
Nicholas Teague is the CEO of a national chain of hairstyling salons. Teague seeks to lead his division mangers by creating opportunities for them to succeed and then removing barriers in order to r
explain how goodwill is tested for impairment for a reporting unit. 2) determine the amount, if any, of impairment loss to be recognized at december 31, 2008.
It allows the company to pay off the bond anytime after the first fifteen years, but requires that bondholders be compensated with an extra year's interest at the coupon rate if such a payoff is exe
A cash basis calendar year C corporation in Athens, Georgia, had $100,000 of accounts receivable on the date of its conversion to an S corporation on February 14. By the end of the year, $60,000 of
If the partnership sustained an operating loss of $90,000 in the current year, George's personal income tax return should include: