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If the proposal is accepted, Eradicated, Inc., estimates that direct labor and variable overhead costs would be reduced by 10% and indirect material would be reduced by 20%. 1. Should Eradicate mak
Starling Company sells merchandise for $24,000 cash on March 31 (cost of merchandise is $12,300). The sales tax law requires Starling to collect 8.25% sales tax on every dollar of merchandise sold.
Prepare entries in journal form without explanations to record the bond issue on January 2, 20xx, and the payments of interest and amortization of discount on June 30 and December 31, 20xx. Use the
A company has a profit margin of 5%. If net income is equal to $83,000 and average total assets is equal to $45,000, how much are net sales?
A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities
Its comparative balance sheets reveal a $28,300 increase in accounts receivable, $20,400 decrease in accounts payable, $10,470 increase in prepaid expenses, and $33,140 decrease in wages payable. Wh
Comparative financial statements in which each amount is expressed as a percentage of a base amount and in which the base amount is expressed as 100%, are called:
A company has sales of $5,417,000, a gross profit ratio of 35%, ending merchandise inventory of $201,425, and total current assets of $1,539,600. What is the days sales' in inventory ratio for the y
Shamrock Company had net income of $30,000. On January 1, there were 8,000 shares of common stock outstanding. On April 1, the company issued an additional 2,000 shares of common stock. There were n
A company had net income of $250,000. On January 1, there were 12,000 shares of common stock outstanding. On May 1, the company issued an additional 9,000 shares of common stock. The company declare
Prepare a journal entry to record income taxes for the year 2012. Show all work and how each number in the journal entry is computed.
The stockholders' equity section of Manley Corporation's balance sheet at December 31, 2004, appears below: Prepare the journal entries to record the above stock transactions.
The ending balance in the Investment in Pod Company account at December 31, 2013 was $480,000 after applying the equity method during 2013. What was the purchase price Pod Company paid for its inves
East has the option to purchase the machine at the end of the lease by paying $50,000, which approximates the expected value of the machine on the option exercise date. On May 1, 2010, East should r
Assume Jerry has a $14,000 basis in his partnership interest at the beginning of 2012. He is a 30% partner in the JAB Partnership. Year-end results for 2012 show an ordinary loss of $60,000, dividen
a) Determine what type of lease this would be for the lessee and calculate the initial obligation. b) Prepare Allen, Inc.'s amortization schedule for the lease terms.
Alfred's Enterprises, an unincorporated entity, pays employee salaries of $92,000 during the year. At the end of the year, $9,000 of additional salaries have been earned by employees but not paid b
Turner Corporation acquired two inventory items at a lump-sum cost of $50,000. The acquisition included 3,000 units of product LF, and 7,000 units of product 1B. LF normally sells for $15 per unit,
Milo Co. had 800,000 shares of common stock outstanding on January 1, issued 126,000 shares on May 1, purchased 63,000 shares of treasury stock on September 1, and issued 54,000 shares on November 1
The Tingey Company has 500 obsolete microcomputers that are carried in inventory at a total cost of $720,000. If these microcomputers are upgraded at a total cost of $100,000, they can be sold for
This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. If the special order is accepted, the company's overall ne
When deciding whether to make or buy the component, what cost of making the component should be compared to the price of buying the component?
The design engineer estimates that each headlight requires $4 of direct materials, $3 of direct labor, and $6.00 of manufacturing overhead. Forty percent of the manufacturing overhead is a fixed cos
Calculate Austin's AGI and taxable income. Showing all work including every calculation you make at arriving at a particular number.
If the company were required to reflect the current yield each year, explain how it would account for the bonds. For simplicity, assume that the yield changes from 12% to 11% on January 1, 2008. No