What were net sales for the year
Robertson Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit ratio 40%. What were net sales for the year?
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The controller disagrees. She argues that the smallest amount possible, say one-fifth of the purchase price, should be allocated to the land, thereby saving income taxes, since the depreciation, which is tax-deductible, will be greater.
Determine the rate and efficiency variances for the variable overhead item supplies and indicate wheather those variables are favorable or unfavorable.
The management of an amusement park is considering purchasing a new ride for $40,000 that would have a useful life of 15 years and a salvage value of $6,000.
Graz School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Graz Private Purpose Trust Fund.
Keefe Inc. a calendar year corporation, acquires 70% of George Company on september 1, 2009 and an additional 10% on April 1, 2010. Anual amortization for the initial acquizition is 6000 (this does not include the the additional 10% on 4/1).
Southern California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2011. In preparing their insurance claim on the inventory loss.
B Company switched from the sum-of-the-years-digits depreciation method to straight-line depreciation in 2011. The change affects machinery purchased at the beginning of 2009.
What is the profit recognized for 2010? Prepare the journal entries for 2010 under the percentage completion method.
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