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On January 1, 2011, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods which cost $330,000. Gallow still owned 15% of the goods
During the year just ended, Kerry Company's income under absorption costing was $3,000 lower than its income under variable costing. The company sold 9,000 units during the year, and its variable co
On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2011, Dermot purchased 28% of Horne's voting common stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic? What advice do you have for the president concerning the HE Versatile CVD
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
Assuming the market price of the Schieble bonds was known to be $180,000, but the market price of the warrants without the bonds cannot be determined, what are the amounts that should be allocated t
Discuss when gains or losses on intercompany sales of depreciable assets should be recognized on a consolidated basis and describe the eliminating entry needed to adjust the consolidated financial s
Bob files a suit against Eagle Tools, Inc., the manufacturer of the gun, for product liability, on the ground of strict liability. What are the elements for an action based on strict liability? In w
Determine the balance sheet inventory carrying value at year-end, assuming the LCM rule is applied to (a) individual products, (b) product type, and (c) total inventory
On October 10, 2013, Printfast Company sells a commercial printer for $2,350 with a one-year warranty that covers parts. Warranty expense is projected to be 4% of sales.
Analyze how the SOX framework can prevent business model fraud in financial accounting and managerial accounting. Contrast the differences in the framework for financial accounting and managerial ac
For firm L (with equity = $3000 and equity and debt = $3000), calculate (i) the income available to the stockholders and (ii) the cost of equity.
The VP of Engineering at Yuli Copters estimates market volatility in demand is 35%. The VP of Marketing estimates market volatility in demand at 25%.
Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000. If sales increase to $110,000, profits would be expected to increase by what percent?
Compute the equivalent units of production for each cost element in the Creation Dep. for the month just ended.
Antawn expects to sell 42,000 units of finished goods this period. He has 22,000 units of finished goods on hand and wishes to have an ending inventory of 24,000 units. How many units must he budget
At the end of years 3 through 8, Zynga expects net cash flows of $90,000 each year. Zynga assigns a discount rate of 10% to the project. The Net Present Value of the project is approximately:
Dick's Sporting Goods makes customized uniforms. The Great Northwest League has offered to buy 80 basketball jerseys for $16 per jersey. The regular price is $20 per jersey.
Bella Vista's U.S. Division reported sales of $300,000; before-tax operating income of $25,500; and net assets of $140,000. Its tax rate is 20% and its weighted average cost of capital is 10%. The e
What is the significance of the division field? If you found that most of the past due accounts were related to a certain division, would it make a difference in your audit approach?
With the use of absorption costing as inventory absorbs more fixed costs, does reported income tends to increase, decrease, remain the same, or become highly volatile?
Auditing programs for accounts and notes receivable often include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. should auditors per
Kim Co. purchases goods with a list price of $175000, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim .Co record as the cost of these goods.