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Accounting Questions and Answers September 28, 2012

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The Components of Becoming a Forensic Accountant Qualifications to become a forensic accountant work together like a three-layered wedding cake. Please relate to each layer in the form of: A. earned educational degrees B. experience and credentials C. auditing and risk assessment focus D. a basic understanding of legal environments. Please label

Mountain View Resorts purchased equipment at the beginning of 2021 for $47,000. Residual value at the end of an estimated four-year service life is expected to be $9,000. The machine operated for 2,700 hours in the first year and the company expects the machine to operate for a total of 11,000 hours over its four-year life. Calculate depreciation

Wages Payable: 1 employee, 6 months remaining @ $1,250 a month Lase payable: 6 months remaining on current lease @ 1,000 a month Update the balance sheet.
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Bramble, Inc. has 52100 shares of 7%, $100 par value preferred stock and 12200 shares of $1 par value common stock outstanding at December 31, 2021. The board of directors declares and pays a $522000 dividend in 2021. What is the amount of dividends received by the common stockholders in 2021? $0 $522000 $157300 $364700

Issuing Stock Professional Products Inc, a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 2% stock, $70 par and 300,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the
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A patent is an example of a(n) A artistic-related intangible asset. B marketing-related intangible asset. C technology-based intangible asset. D contract-based intangible asset.

Which of the following is least likely to result in inclusion of an additional paragraph being added to an audit report? Multiple Choice O O A decision not to confirm accounts receivable. An unusually important significant event A risk or uncertainty. The company is a component of a larger business enterprise
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According to Twitters amended S-1 filed November 4, 2013, what was Twitters 9-month adjusted EBITDA for the period ending September 30, 2013? Please provide your answer in thousands without comma separator or decimal (Ex: 343323456)

In the balanced scorecard framework, utilization of capital is classified under customer relations financial measures learning and growth activities internal business processes
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Please answer quickly, I rate good! :) 1) Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024. Wolverine recelved $3,500 cash from a company that rents office space from Wolverine. The payment, representing rent for December and January, was credited to Deferred Revenue on December 1 . 2. Wolverine purchased a one-year
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Needs Assessment Training Now that you have taken ample time to take the NOAA tutorial (link contained in Lesson 1 Presentation) on how to conduct a needs assessment, how do you feel about the task ahead, in terms of your Course Project? Will the 12-steps work for you? Which assessment method are you planning to use? How would you characterize

Q16. Sale with right to repurchase is different from real mortgage in that in sale with right to repurchase: A. No security is constituted to secure a principal obligation. B. Possession of the property is generally retained. C. The object applies to real property only. D. There is no transfer of ownership of property.

Hamlet acquires a 7-year class asset on November 23, 2022, for $100,00. Hamlet does not elect immediate expensing under $179. He does not claim any available additional first-year depreciation. Hamlets cost recovery deduction is $ for 2022 and $ for 2023

Which financial report reflects the account of unremitted employee contributions to retirement accounts?

Balance Sheet as on 31.12.2014 Particlars Amount Particulars Amount Accounts payable and acc 1701000 Cash 775000 Income tax payable 654000 Accounts receivable 2695000 Deferred tax liability 85000 Inventory 2085000 common stock 2350000 Property 7566000 Add paid in capital 3680000 Retained earnings 3450000 Ending retained earnings 1201000 Total

Formulate the internal control objectives that management should strive to achieve with reference to the validity and accuracy of Ordering of goods, goods despatched and invoicing.

A $2100 bond bearing interest at 4.1% payable semi-annually is due in 6 years. Money is worth 7.8% compounded semi-annually. If the bond is purchased now, what is the purchase price? Select one: a. $2509.59 b. $1733.27 c. $406.38 d. $2357.04

Sheridan Company sells one product and uses a perpetual inventory system. The beginning inventory consisted of 77 units that cost $18 per unit. During the current month, the company purchased 484 units at $19 each. Sales during the month totaled 364 units for $43 each. What is the number of units in the ending inventory? a)197 units. b)561 units.

What do you believe the field of accounting can offer you as a healthcare administrator?

A lessee enters into a finance lease. The lease features annual payments and will last for 8 years. Which of the following statements are true? I. The entire right of use asset is recorded as a non-current asset on the balance sheet II. The entire lease liability is recorded as a non-current liability on the balance sheet III. Interest expense and

Do you think it is any less beneficial for smaller companies to use discounted cash flow techniques when analyzing capital expenditures than it is for larger companies? Why or why not?

To prepare a master budget for July, August, and September, use the following information. Sales were 20,000 units in June. Budgeted sales in units follow: July, 21,000; August, 19,000; September, 20,000; and October, 24,000. The products selling price is $17 per unit and its total product cost is $14.35 per unit. Company policy calls for a given
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If the spot price of the euro is 1.10$ per euro and the 30-day forward rate is 1 per euro, and you believe that the spot rate in 30 days will be 1.05 per euro, then you can try to maximize speculative gains by a. Signing a forward foreign exchange contract to sell dollars in 30 days. b. Singing a forward foreign exchange contract to sell euros in

What are the key Sub-components of information technology?

Do you spend more time, the same amount of time, or less time with your business now than in the early years?

Please show your work so I can ensure that I am solving this problem correctly. Perform the revenue, cost and profit variance analyses for both the simple and flexible budgets. (Represented in millions) Simple Flexible Actual Budget Budget Results Revenue 7.2 6.2 Cost 6.3 5.9 Profit 1.0 0.4 6.5 5.9 0.7
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Diana acquires and places in service a 5-year class asset, costing $65,000 on December 19, 2022. Diana does not elect immediate expensing under $ 179. She elects additional first-year depreciation. Dianas total cost recovery deduction for the asset is $ for 2022

In a minimum of three sentences , explain the difference between borrowing a 90-day 15% note or incurring a 90-day, discounted, 15% note? Which would you prefer and why?

Instructions Chart of Accounts General Journal Instructions Oct 7 Sold 1 200 of merchandise on credit to Rondo Distributors, terms 1/30, the cost of the merchandise was 5720 Purchased merchandise $10.000, terms FOB shipping point and 2/15, 1/30, with prepaid freight charges of $525 added to the invoice Oct B Required: Journaise the following
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When responding to classmates this week, please select two of the taxes listed below and let them know whether those taxes generally apply to employees only, employers only, or both employees and employers: Federal Income Tax Medicare Tax Social Security Tax Federal Unemployment Compensation Tax State Unemployment Compensation Tax

The majority of Generally Accepted Accounting Principles ( GAAP ) are created by the

A seller may grant a buyer or reduction in selling price for early payment of a sales invoice and this is called a sales discount true or false

Look at the financial data below: 2020 2021 Revenue $1000 $1400 COGS $400 $500 SG&A $250 $350 What are operating profits in 2020, 2021. What as the year over year growth? What is the operating profit margin in 2021? What was the year over year basis point change? What drove the operating margin YoY change?

NEED ASAP 2. Match the transaction to the best recurring transaction type, Transactions A. irregular, complicated transaction B. monthly utility bill that varies in amount due C. allocate prepaid rent monthly Types 1. Reminder 2. Scheduled 3. Unscheduled
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Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost driversthe number of cruises and the number of passengersthat it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is

write an project assignment of annual comprehensive financial report 2021 for town of greenwich Connecticut .including the Statement of Net Position and General Funds Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances, prepare a typed eight (8) page, double spaced report containing the following: Profile of the City

You have made an investment which will pay you $10,485 in one year's time. If the discount factor is 0.9728, what is the present value of your investment? Question 39 options: $10,200 $10,000 $10,485 $10,778 $10,400 You are scheduled to receive $10,000 in one year. An increase in the interest rate will have what effect on the future value of this

Finch Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. Expected Home 1 Costs Home 2 Home 3 Direct $64,000 $ 95,000 $181,000 labor Direct materials 98,000 139,000 192,000 Assume Finch needs to allocate two major overhead costs ($51,000 of
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construct a financial analysis for Duopharma Biotech Berhad. Show the calculations and explaination.

A warranty that guarantees that a defective product will be repaired or replaced free during the warranty period is known as a(n) ________. disclaimer warranty implied warranty full warranty limited warranty Which of the following is true of antitrust laws? Antitrust laws are fixed and unchangeable. Treble damages cannot be sought in antitrust

Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares. January 4, 2018: Repurchased and retired 2,800,000million shares at $7.20per share. June 25, 2018: Repurchased and retired 3,800,000million shares at $1.70 per share. Prior to the transactions, CCC's

Crane Corp. has annual sales totaling $1026000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit? $171000. $153900. $256500. $205200.

Miller, Inc. sold merchandise to Jong Ltd. for 25,000,000,000 on October 1, 2022. The billing date is on October 1, 2022, and payable in 120 days, on January 30, 2023. Miller decided to enter a forward contract to deliver 25,000,000,000 to its exchange broker in 120 days. No net settlement was allowed for the contract. Assume an annual interest

Case- Audit Acceptance You are a professional accountant at XYZ & Co., audit firm. You are one of six audit team members to audit the ABC Limited. In preparation for the audit of ABC Limited, your audit senior presented you with the following information on the ABC Limited: ABC LIMITED BUSINESS BACKGROUND ABC Limited was established in 1976 in

7. Greg and Lou both have investment portfolios. a) What is the current value of each portfolio? Assume all interest has been paid for the entire time since purchase All purchases were made at the beginning c) Who has the greater rate of return? Justify your answer with a written explanation or by showing your calculations for rate of return.

Medical care is defined in which title and section of the U.S. Code? Group of answer choices U.S. Code 212 U.S. Code 213 U.S. Code 1.213 (d) U.S. Code 214

Why did new technology make it harder to enforce limitations on bank branching?

Ayayai Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $357,100. In addition, Austin estimates that the new machine will increase the companys

Please Help Me Solve This Question!!! Thank You!!! A manufacturing company needs to plan its production for the next six months, April, May, June, July, August, and September. Table 1 below shows demand for each month, setup cost if production occurs, production cost per unit if production occurs, and holding (inventory) cost per unit for each
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The Tax Cuts and Jobs Act (TCJA) reduced the corporate tax rate considerably to 21%. In the past, the US corporate rate was one of the highest in the world. Is this new lower tax rate justified and a good idea? Who benefits from this lower corporate tax rate? Are there any cons to having a lower rate?

i need ans ASAP please Question 1 (10 marks) Required: Identify each statement as True or False, indicate how to correct the statement. 1- Standard cost is the industry average cost for a product or service. 2- A sales budget should be prepared before the production budget. 3- A merchandiser has a merchandise purchases budget, and a manufacturer
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Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 2% charge on sales for using its card. On June 28, Hankco had $2,800 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit

True or false: The internal audit function does not play a significant role in evaluating the company's internal controls.
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As hospitality industry is important in Hong Kong, people serving the hospitality industry will be interviewed for Case Study: How the impact of environmental sustainability on green purchase behavior in plastic container consumption in Hong Kong. Can you please tell me how to have interview? Which qualitative software should be used?

In need of help with these 2 questions!! I will upvote. Thank heaps! Zenex Limited manufactures and sells two types of bikes Road bikes and Mountain bikes. The financial accountant of Zenex Limited has prepared the financial statements for the 2021 financial year. Use the financial information provided to: 1. Calculate the profitability and
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Please provide answers for these questions as soon as possible please provide the answers Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 14 ratio, and on the day of the liquidation their balance sheet appeared as follows: Premium Pool and Spa Balance Sheet June 30,
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Need all reqs = Homework! Homework Unaprer iwelve Save Part 1 of 5 O 0 Points: 0 of 2 Solve various time value of money scenarios (Click the icon to view the scenarios. 2 (Click the icon to view the present value factor table. (Click the icon to view the future value factor table.) ) 2 (Click the icon to view the present value annuity factor
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Please answer quickly, I rate good! :) 8) Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the
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Precious Bubbles, Inc. produces multicolored bubble solution used for weddings. The company sold 60,000 bubble kits during May, and its actual operating income was as follows: Data table Precious Bubbles, Inc. Income Statement Month Ended May 31 .... Sales revenue Variable expenses: Cost of goods sold Sales commissions Utility expense Fixed
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Q69. The opposite of traditio brevi manu is: A. Delivery by legal formalities. B. Traditio constitutum possessorium. C. Symbolic delivery or traditio clavium. D. Traditio longa manu.

1. Create An Accounting Career Explorations Paper 2. Your paper must include all of the following sections. Use these as section headers and write on each topic. Be sure to include some details and examples: Role of Management Accountants Types of Management Accountants Certified Management Accountant (CMA) Jobs & Salary Accounting Tech, Data &

8. These items are taken from financial statements of Wildhorse Co. at December 31,2022 View Policies Current Attempt in Progress These items are taken from the financial statements of Wildhorse Co. at December 31, 2022. Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2023 . (List Current Assets in order
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I want 5 references from the subject of signal processing

34 A(n) is where the debtor delivers personal property to the creditor to secure the debt. (one word)
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If a public accounting firm says it always follows the rule that requires adherence to FASB pronouncements in order to give a standard unmodified auditors' report, it is following a philosophy characterized by?

Use an Excel function to calculate the monthly payment for a 15-year loan with a principal amount of $250,000, and an annual interest rate of 5.0%. (Assume that loan payments will start one period from the loan start date. Unless specified otherwise, this is the typical payment arrangement for the majority of loans.) Ensure that users of the

Norm and Pat, a married couple filing a joint return, have the following sources of income: Wages 35,000 Interest Income 4,000 Dividend Income 3,000 Social Security benefits 9,000 Both Norm and Pat are over 65 years of age. Determine their taxable income

Use Instagram to identify influencers who are currently paid to promote products. What are the characteristics of the influencer? How many followers does she/he have? How often does she/he post? What does she/he post about? How does the influencers association transfer over to the brand she/he is promoting? If you were the brand managers of Rolex,

The direct labor budget begins with the required production in units from the production budget. True or False

A lessee establishes a right of use asset and lease liability for a 5-year operating lease on January 1, 2020. The ROU Asset and lease liability are $66,977. The first payment is due immediately, and the incremental borrowing rate of the lessee is 6%. Annual payments are $15,000. What is the amount of the lease liability on January 1, 2021, after

If |G| = p3, and G is not commutative IZ(G) = p
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High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the

CMRNA is a small-scale contract producer and seller of drugs and vaccines for clinical trials. The master budget will detail each quarters activity and the activity for the year in total. CMRNA will base the 2021 budget on the following information: Expected sales, in units, for the four quarters of 2021 and the first two quarters of 2022 are as
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What was the first year UNILEVER adopted the IFRS? What was the date of transition, as defined in IFRS 1? Please cite where you located the answer. Thank you

In a multiple - step statement, Operating income would total _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Select one: a . $ 7 0 3 , 2 5 0 b . $ 6 6 2 , 8 1 2 c . $ 7 8 1 , 3 7 5 d . $ 6 7 7 , 8 1 2

Organic Grounds produces two brands of coffee: Star and Bucks. The two coffees are produced in one factory using the same production process. The only difference between the two coffees is the cost of the unroasted coffee beans. The following data are available for February: Star 10,000 $ 5.00 Bucks 40,000 $ 7.30 Total 50,000 Number of pounds of
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Current operating income for Bay Area Cycles Co. is $36,000. Selling price per unit is $100, the contribution margin ratio is 30%, and fixed expense is $144,000. Required: 1. Calculate Bay Area Cycles per unit variable expense and contribution margin. How many units are currently being sold? Per Unit Volume Total Ratio Revenue $100.00 100 %

how much florances qualified business income deduction before income limitation

) The following information were taken from the Economic Data of a country Gragea: CO NSUMPTION ---$2000, INVESTMENT---- $3200, GOVERNMENT SPENDING--- $5000, EXPORTS-- $9000, Imports--- $3000, NET EXPORTS---- $6000 AND Money from Abroad but own by citizens of Gragea--- $4000, and Consumtion Allowance (Depreciation) = $1000, CALCULATE : A) WHAT IS

A company issues $25000000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $24571022. What is interest expense for 2021, using straight-line amortization?

During a year, Marks monthly sales compensation ranged between $17,000 and $23,000 per month and units sold ranged between 1,400 and 2,200 units for those same months. Required: Use the highlow method to determine Marks monthly salary and commission rate per unit sold and then calculate the total number of units sold in a year when Marks total

Rogue Company leases a card-making machine to Gambit Inc. on January 1, 2017. The following information details the lease contract: The lease term is ten years with no renewal or purchase options. The machinery cost Rogue $300,000 to construct and has a fair value of $495,678 at the lease inception. Rogue also incurred $14,000 in legal fees

ehats the answer Et E Business Course | Naturn Support Baseboard Som M Chapter 11 LO 5-7: Pre-work (SE11-5, SE11-6, SE11-7) Navigation Finish army SE11-S Stat ook Print Outstanding Shares Wills & Coma 10 min. hp The state and decides to How many there will be standing the What will be the new 3230 AA1282 20JUL CMH-CLT 355P Et E Business Course |
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For the month of September, Florida, Inc., incurs a direct materials cost of $12,000 for 7,500 gallons of strawberry lemonade produced in its Mixing Department. It also incurs conversion costs of $6,000 with 80% completed. If the conversion cost per equivalent unit was $1.15 per gallon in August, what is the difference in the conversion cost per

Q5. For a contract of sale of a piece of land to be perfected and enforceable between the parties: A. The sale must be in a public instrument and recorded in the Registry of Property. B. The sale must be in a public instrument and the price must be paid in full. C. The sale must be in a public instrument and the piece of land must be delivered. D.

In this problem, you must create the flexible budget and flexible budget variances for two cost items. Before you compute the variance, you must identify the parameters of the cost functions (i.e., the fixed cost and the variable cost per unit). Be careful to use the correct activity measure. Read the directions about the sign that you should
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helppp asappp Concord Corporation issues $4930000, 8%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 7%. What are the proceeds from the bond issue? 3.5% 4.0% 7% 8% 0.84197 0.82193 0.71299 0.68058 0.70892 0.67556 0.50835 0.46319 Present value of a
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On January 1, 2020, Katrina Company obtained a loan of P4,000,000 at an interest rate of 10% specifically to finance the construction of its new Warehouse. Availments from the loan were made in equal amounts every quarter of the year. Total borrowing costs amounted to P550,000. Prior to their disbursements, the proceeds of the loan were

1 -5 1. January 15 of the current year, Alpha Company sold equipment to a customer for $9,000 with credit terms of 3/10, 1/60. Alpha uses the gross method of accounting for sales discounts. What is the correct entry for Alpha on January 22, assuming the correct payment was received on that date? A. Cash 9,000 Sales discounts 270 Accounts
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A company produces Cars and purchasing the wheels for $ 100 per unit. The management thinks to produce the wheels instead of purchasing it. The cost of producing is as follows: Variable cost $45 Fixed cost: New fixed cost to rent new equipment to produce the battery $200000 General fixed cost (old fixed cost) $100000. The quantity of wheels 5000

the CIO asks for a report of how many user account lockouts occurred in the last quarter, what type of analytic would be computed?

The dark side of leadership is a problem when it is not recognised within an organisation. What does this mean and what is the impact on leadership?

Problem 1(15 pts.): Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns and Allowances ?------ 5,000 80,000 72,000 ? Sales Discounts Net Sales Beginning Inventory Purchases Purchase Returns and Allowances Purchase Discounts Freight-in Net Purchased Goods Available for Sale 7,0067 2,000 8,000
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Betty Harris made an investment of $33,021.65. From this invetment, she will receive $3,400 annually for the next 15 years strarting one year from now. What rate of interest will Bettyh invetment be earning for her (round asnwer to 0 decimal places, e.g 25%) I put the answer as 5% but it was wrong. Please help and thank you

Unilever plc is a British multinational consumer goods company What was the previous GAAP that UNILEVER used before IFRS? please cite your source, thank you.

Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $23.45 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for

On April 5, 2022, Kinsey places in service a new automobile that cost $36,000. He does not elect $179 expensing, and he elects not to take any available3 additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto

Honest Tea, Inc. has variable costs per unit of $11. Total fixed costs for the coming year are expected to be $ 360,000. If Honest Tea produces and sells 9,000 units of product, what will total costs be?

Required: Prepare using EXCEL: a. Prepare a sales budget, by m onth and in total, for quarter three . (3 marks) b. Prepare a schedule of expected cash collections, by month and in total, for quarter three . (15 marks) c. Prepare a production budget , by month and in total, for quarter three (10 marks) d. Prepare a direct materials budget, by mo

A change in the amortization rate for an intangible asset should be accounted for as a A correction of an error. B change in reporting entity. C change in accounting estimate. D change in accounting principle.

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