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Williams Company's direct labor cost is 25% of its total conversion costs. If the manufacturing overhead for the last period was $45,000 and the direct materials cost was $25,000, the direct labor c
Plunder Inc. accepted a six-month noninterest-bearing note for $2,800 on January 1, 2011. The note was accepted as payment of a delinquent receivable of $2,500. What is the correct entry to record
A cash dividend of §6,000 was transferred back to Ginvold on December 31, 2011. The functional currency for the subsidiary was the stickle. Currency exchange rates were as follows:
The store determined it will cost $100,000 to restore the area surrounding one of its store parking lots, when the store is closed in 2 years. Bryant estimates the fair value of the obligation at De
Assuming that King Co. entered into the forward contract as a fair value hedge of a firm commitment related to a 96,000 LCU sale that will be made on February 1, 2012, prepare the journal entries re
The actual overhead cost incurred during the year was $350,000 and the actual direct labor-hours incurred on jobs during the year was 90,000 hours. The manufacturing overhead for the year would be:
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the
The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.
At the beginning of 2007, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of
Eve's Apples opened business on January 1, 2009, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000
What is the relationship between inventory and cost of goods sold by a pharmacy or medical supply business? Explain the depreciation concept. What items in a physician practice can be depreciated? W
Compute the estimated break-even point in sales dollars for the year ending December 31, 20x4, if the company employs its own sales personnel.
Select the total value that Chase Corp should use to record the detachable warrants issued on March 1, 2006.
The remaining selling expenses are fixed. The administrative expenses are 26% variable and 74% fixed. The company does not manufacture its own skis; it purchases them from a supplier for $158 per pa
On August 31st, 195,000 ounces of plastic were on hand. The cost of plastic is $0.03 per ounce. How much is the ending inventory of plastic to be reported on the company's balance sheet at September
Garvin Enterprises' bonds currently sell for $1,150. They have a 6-year maturity, an annual coupon of $85, and a par value of $1,000. What is their current yield?
The partnership pays Gast $100,000 cash for her partnership interst. After Gast's retirement,what is the balance of Irving's capital account ?
Mary ,Ann,and Tina formed a partnership with income-sharing ratios of 50%,30%,and 20%, respectinely. Cash of $300,000 was available after the partnership's assets were liquidated.
Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. what would be the amount to be capitalized as the cos
Included in that amount were stock issue costs of $8,000, legal fees of $52,000, and secretarial costs of $3,000. At what total amount should the net assets acquired be recorded by Diamond?
If Cesar's Bottlers can sell all the units it can produce, shoud it operate ar one, two, or three shifts? Support your answer.
What is the balance of Nance's capital at the end of the year after net income has been distributed ?
The net income for the year ended December 31, 2007, was $3,000,000. Assuming the income tax rate was 30%, the diluted earnings per share for the year ended December 31, 2007, should be (rounded to
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling
Wright inc has an incentive compensation plan under which the sales manager receives a bonus equal to 10% of the companies income after deductions for bonus and income taxes.