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Calculate the current and quick ratios using the information provided.
Calculate the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the average cost per serving is $1.00.
At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordon
A business issued a 120-day, 7% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including intere
Montgomery & Co., a well established law firm, provided 470 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $72
Sarah Crowly uses the cash receipts method of accounting for her accounting business. On December 25, 2011, she received a $1,000 check in payment for her services.
In its applicable financial statements, Orange reported $4,000 in 2009, $24,000 in 2010 and $20,000 in 2011 as gross revenues. How much of the $48,000 must Orange recognize for federal tax purposes
William Nowland's filing status is qualifying surviving spouse. His taxable income for 2011 is $76,000. Included in that amount is $5,000 of qualified dividends. How much federal income tax does he
The Northenscold Co. sells a product that has a $20.00 selling price. Variable cost is $8.00 per unit. Annual fixed costs are $96,000 per year. A. What is the contribution margin? B. How many units
Assume that liberty tax service uses a job order costing system. For the basic cost category of direct materials, explain how a job cost sheet for liberty tax service would differ from a job cost sh
Charley has a typing service. He estimates that a new computer will result in increased cash inflow $1,600 in Year 1, $2,000 in Year 2 and $3,000 in Year 3. If Charley's required rate of return is 1
Both iGAAP and US GAAP require footnote disclosure of operation lease payments. Are there any differences in the information provided to the statement readers in these disclosures? Explain.
Chimizo Inc. has signed a long-contract to build a new sports arena. The total revenue related to the contract is $750 million. Estimated costs for building the arena are $245 million in the first y
In its December 31, 2009 balance sheet, what amount should Farley report as allowance for uncollectible accounts?
What would be the best equation using the high-low method?
The fixed manufacturing cost rate is based on the budgeted denominator level. Manufacturing variances are closed to cost of goods sold. Under absorption costing, fixed manufacturing costs expensed o
A corporation has 10 par value common stock with 1,000,000 shares authorized and a value of 7,000,000 before purchasing 3,000 shares of common stock. The resulting number of common shares issued and
Did the accountant record the transaction correctly? Why would the Board of Directors want to show the gain? Are there any ethical issues involved? What is the correct journal entry for the sale of
Determine the corporation's taxable income for the 2011 tax year. (The company does not qualify to take the domestic production activities deduction.)
transportation-in, $42; postage expenses, $70; and miscellaneous expenses, $112. The petty cashier could not account for a $13 shortage in the fund. Hawk uses the perpetual system in accounting for
How much income would Cord have recognized on this contract for the year ended December 31, 1992?
Darwin's statement of cash flows for the year ended December 31, 1999, would show net cash provided (used) by financing activities of :
Hansen Construction, Inc., has consistently used the percentage-of-completion method of recognizing income. During 1997 Hansen started work on a $3,000,000 fixed-price construction contract.
Which of the following is required to adjust Elephant, Inc.'s deferred tax asset to its correct balance at December 31, 2012? The ending balance in Elephant, Inc's deferred tax liability at December 3
A. Calculate the cost index to be used for 2010 and 2011 using the link-chain method. B. Compute the ending inventory for 2010 and 2011 using dollar-value LIFO.