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Larry Byrd, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure and the firs
the face amount of the bons was $100,000 while the issue price was $102,000. interest is payable on april 1 of each year. the fiscal year of cramer company ends on december 31. how much interest exp
During 2011, Joan sold the following assets: business equipment for a $5,000 loss, stock investment for a $7,000 loss, and her principal residence for a $16,000 loss. Presuming adequate income, how
Your first payment will be made when you sign the lease and receive the furniture. Under the lease agreement, you will have to return the furniture to Cape at the end of ten years (with no compensat
Variable marketing and selling costs would be $25 each. In order to manufacture these coffee tables, the company would need to incur $525,000 in fixed costs for new equipment. a. Compute the break-e
Calculate the minimum transfer price the accessory division should charge the apparel division if the accessory division has excess capacity and there would be no contribution margin lost on outside
Former Chair of SEC, Arthur Levitt made a famous speech in the mid-late nineties lining out the most popular accounting tricks (also known as "accounting shenanigans" or otherwise known as cooking t
feathered nests produces decorative birdhouses. the companys average cost per unit is $20.00 at a production level of 2,000 birdhouses. what is the total cost of producing 2,000 houses?
Pasha and Kris formed PK partnership on January 1 of the current year. Pasha contributed $10,000 cash. Kris contributed property with a FMV of $90,000 and a basis of $35,000. Pasha has a 10% interes
Morris Partnership had the following items in the current year: What is Morris's ordinary net income?
Harding Company issued 11%, 5 year, $400,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2000, and are issued on that date. The discount rat
If sold now, the current machine would have a salvage value of $5,000. If operated for the remainder of its useful life, the current machine would have zero salvage value. The new machine is expecte
From the following accounts, prepare in proper form a post-closing trial balance for Morris Company on December 31.
The computer is the only personal property which she places in service during the year. What is her total depreciation deduction for 2011?
Prepare a flexible budget for Dandy Jeans Company using production levels of 16,000, 18,000, and 20,000 units produced. The following is additional information necessary to complete the budget:
Which of the following reflect the balances of prepayment accounts prior to adjustment?
Compute the following financial ratios a. Current Asset/Current Liability Current ratio at 12/31/13 b. Acid-Test Ratio = (Current assets - Inventory) / Current Liabilities Acid test ratio at 12/31/13
Each invoice is assigned a unique Invoice. Each invoice includes many inventory items and each inventory item appears on several invoices. a. Give an example of a many-to-many relationship in the ac
The partnership distributed $5,000 cash to Marilyn. Her share of partnership liabilities on the last day of the partnership year was $4,000. Calculate Marilyn's adjusted basis (outside basis) for he
Imperial Foods checkbook balance on December 31, Year 1 was $122,400. In addition, Imperial held the following items in its safe on December 31:
The traditional costing system tends to place too much reliance on unit-level allocation bases which result in over-costing high volume products and under-costing low volume products. This can lead
Bond Valuation. A tax- exempt bond was recently issued at an annual 7 percent coupon rate and matures 30 years from today. The par value of the bond is $5,000.
1. The company's president is uneasy about the cost reports and would like you to evaluate their usefulness to the company. 2. What changes, if any, should be made in the reports to give better insig
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179 or bonus depreciation. She only uses the most accelerated depreciation method possible. The computer is the only
The normal cash price for this type of equipment is $125,000 while the cost to Perry was $105,000. For the year ended December 31, 2011, by what amount will Perry's pretax earnings increase from thi