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During 2010, Markel had an actual outlay of $48,000 for repairs under warranty. Markel uses the expense warranty accrual method. At what amount should the company record warranty expense for 2010?
AAA Company produced a product which had a selling price of $20 and a variable cost which amounted to 60% of sales. Given a fixed cost of $60,000, what the break-even sales will be ?
Jung expects 60% of the premiums to be redeemed. In 2010, Jung sold 500,000 boxes of cereal and distributed 25,000 dolls. What is Jung's premium expense for 2010?
What is Jung's estimated liability for unredeemed premiums on December 31, 2010?
Prince sells a certain product for $20,000. Included in this price is an implied service contract of $800. Fifty machines were sold in 2010. Warranty expense incurred during 2010 amounted to $25,000
On January 1, 2010, the Long Company signed a six-month, non-interest-bearing note payable for $160,000 and received $152,800 from Friendly Bank. On January 31, 2010, what amount should Long record
Miller Company provides a bonus compensation plan under which key employees receive bonuses equal to 10% of Miller's income after deducting income taxes but before deducting the bonus. If income bef
Angie and Carmen form the AC partnership, with each owning a 50% interest. Angie contributes $40,000 and a personal automobile worth $20,000, with an adjusted basis of $25,000
However, as of December 31, 2010, the exact amount of the obligation cannot be reasonably estimated, but a range of possible amounts has been determined. Based on these facts, an estimated loss cont
when the property was worth $70,000. John sold the Parcel two years later to Ann, a person not related to CCorp, Bob, Ann, or John, for $60,000. How much gain or loss is realized and recognized as a
XYZ, Corp. owned 85% of ABC Corporation. XYZ Corp. received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. XYZ Corp.'s basis for its ABC Cor
Cooper's inventory has been financed 100% with a long-term note. The note is coming due in 2011. Cooper has received a commitment from a new lender that permits five-year refinancing of debt up to a
On the date of the cash distribution, Jean's basis in her Fun Inc. stock was $10,000 and Jon's basis in his Fun Inc. stock was $30,000. What is Jon's adjusted basis in his EFG Inc. stock after the d
Carl's Video includes the amount of sales taxes collected directly in the price charged for merchandise, and the total amount is credited to Sales. During January, Sales was credited for $239,680. T
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3, and the company will send them a recipe book. Sufficient books were purchased at a cost of $5 each. A to
SMTO Inc. had one class of stock outstanding. The one class of stock was owned 50 shares by Lana, 30 shares by Lana's mother, and 20 shares by Lana's grandmother.
Blocker, Inc. had $10,000 of notes coming due on January 10, 2011. On January 5, 2011, the company used $2,000 of excess cash to pay off part of the note. On January 8, 2011, a refinancing was compl
NOCO Inc. had current earnings and profits of $150,000 when it made a nonliquidating distribution to an individual shareholder of land that NOCO Inc. held for use in its business .
Baker, a branch manager, is allowed a bonus of 10% of income after bonus and tax. If the tax rate is 30% and income before bonus and tax is $200,000, what is Mr. Baker's bonus?
there was depreciation recapture potential of $12,000. Pat received stock of ABC Rental Corporation worth $80,000. How much gain did Pat recognize as a result of the transaction, and what was the char
Address the issue of using internal auditors in the future. Address what happens if there is no response to your confirmation. Address if you can accept electronic replies. This process should be de
she transferred to DA Inc., Susan received a payment of $10,000 and 10 additional shares of SDA Inc.'s only class of stock. How much gain was recognized by Debra as a result of this transaction?
What accounting factors are important before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
How much was the total dividend income received by the shareholder as a result of the distribution made by Smith Corpo?
The concept of operating leverage refers to which of the following? A. Operating income changes proportionately more than revenues for any given change in activity level. B. Operating income changes p