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Clark Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $12 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were
Why do you think Home Depot is paying out only about 38 percent to 67 percent of its net income to stockholders in the form of cash dividends?
Companies should focus on financial measures of quality because these are the only measures of quality that can be linked to bottom-line performance. Do you agree? Explain.
Based on the above information prepare the journal entry to record the sale of the building on Jan 1, 2009.
Someone has already correctly prepared a depreciation schedule for this asset. This schedule shows that $60,000 will be depreciated for a particular calendar year. Instructions Show calculations to
Based on this forecast method, what are operating profits and invested capital expected to be next year? What are two critical operating assumptions (identify one for profit, and one for capital) em
Calculate the number of shares outstanding at the time of the cash dividend and the amount of cash required to fund the cash dividend.
The division was sold at a loss of $ 55,000. All items are subject to an income tax rate of 40 per-cent. Prepare an abbreviated income statement for Wabash for the year.
Kile Company borrows $71,423 on July 1 from the bank by signing a $71,423, 9%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at Dec
Patino Company issued $400,000, 9%, 20-year bonds on January 1, 2010, at 103. Interest is payable semiannually on July 1 and January 1. Patino uses straight-line amortization for bond premium or dis
Which of the following statements concerning internal controls is true?
William recognized a $4,500 capital gain on the sale of marketable securities and a $15,000 Section 1231 loss on the sale of business equipment. What is the net effect of these gains and losses on W
Assuming that Hardin engaged in no transactions during the year other than those listed above, what was the amount of net income or loss for the year?
The round-trip tickets will be sold for $200 each and the airline intends to reimburse Ruben for any unsold ticket packages. Fixed costs include $10,000 in advertising costs. What is the contributio
What accounting concepts state that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion?
Brown Company's contribution margin ratio is 24%. Total fixed costs are $84,000. What is Brown's break-even point in sales dollars?
What are the different types of decisions that users of financial accounting information must make? What are the different types of decisions that users of managerial accounting must make?
ABC Company is a retailer operating in an industry that experiences inflation. ABC wants the most realistic ending inventory. Which inventory costing method should ABC consider using?
A parent buys 32 percent of a subsidiary in one year and then buys an additional 40 percent in the next year. In a step acquisition of this type, the original 32 percent acquisition should be:
Elvis Samford calls you and says that his two-person S Corporation was involuntarily terminated in February 2007. He asks you if they can make a new S election now, in November 2008. Draft a memo fo
For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the initial transaction and provide the adjusting entry, if any, required
When considering long-term capital investment decisions, such as when and how much to spend on equipment and other expensive long-term projects, managers are likely to use capital investment analysi
At the end of 2008, Westmeier Corporation's accounts showed a $33,000 credit balance in Manufacturing Overhead Control. In addition, the company had the following account balances:
Cairo Products applies overhead using a combined rate for fixed and variable overhead. The rate is 125 percent of direct labor cost. During the first three months of the current year, actual cost we
for 2008, Southwest Industrial has a monthly overhead cost formula of $42,900 + $6 per direct labor hour. The firm's 2008 expected annual capacity is 4156,000 direct labor hours