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these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. what is the type of accounting system ?
Are there disclosure requirements in the United States that govern the reporting practices of foreign currency transactions? Provide examples.
Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal
Mission Inc. earns $600,000 and pays cash dividends of $150,000 during 2012. Cox Corporation owns 70,000 of the 210,000 outstanding shares of Mission. What amount should Cox show in the investment a
Cost of Goods Purchased, cost of goods sold and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011: Compute the cost of go
Prepare the entry on Pruitt Company's books to record the acquisition of the assets and assumption of the liabilities of Shah Company.
On December 31, Year 1, an entity adopted the IFRS revaluation model for reporting its long-term assets and revalued a patent with a carrying value of $85,000 and a 10 year life to its fair value of
On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2?
thayer company purchased a building on january 2 by signing a long-term $840,000 mortgage with monthly payments of $7,700. the mortgage carries an interest rate of 10 percent. prepare the entry to r
The ledger of Saddler Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $58,000, and Salaries and Wages Expense $25,000.
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales?
"Minden Company is a wholesale distributor of premium European chocolates. The company's bat sheet as of April 30 is given below:
Williamson Company reported pretax income (using weighted-average pricing) of $180,000. Show comparative income statements for Williamson Company, beginning with "Income before income tax," as prese
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
Oren, the sole shareholder of Sparrow, has a basis of $150k in his stock. If Sparrow distributes $950k to Oren on December 31, how much income must he report for tax purposes? Answer questions below
eister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and
Only half of this purchase had been paid for by Strong by the end of the year. 60% of these goods were still in the company's possession on December 31.What is the total of consolidated revenues?
Mitch Corporation's contribution margin ratio is 14% and its fixed monthly expenses are $87,000. If the company's sales for a month are $678,000, what is the best estimate of the company's net opera
The Mateo Corporation's inventory at December 31, 2011, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
Assuming Richman Co has a portfolio of Available-for-Sale Debt Securities, what shoud Richman Co report as gain (or loss) on the bonds?
On March 1, 2004, the board of directors declared a 10% stock dividend, and accordingly 1,000 additional shares were issued. On March 1, 2004, the fair market value of the stock was $6 per share.
Assuming Landis Co has a portfolio of Available-for-Sale Debt securities, what should Landis Co report as a gain or loss on the bonds?
Prepare the general journal entry to record Jim Phillips' deposit of its federal income tax withholdings and FICA taxes (employee and employer portions) for the month of December 2009.
What is a business combination? What is the accounting basis for consolidating assets and liabilities in a business combination recorded using the acquistion method?
Last year, $31,000 in fixed manufacturing overhead costs were released from inventory under absorption costing. This year, $22,000 in fixed manufacturing overhead costs were deferred in inventory un