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Accounting Questions and Answers September 25, 2014

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The Engine Guys produces specialized engines for "snow climber" buses. The company's normal monthly production volume is 10.500 engines, whereas its monthly production capacity is 21,000 engines. The current selling price per engine is $1,450. The cost per unit of manufacturing and marketing the engines at the normal volume is as follows:
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please help Assume that Product Z is made of two units of A and four units of B. A is made of three units of C and four of D.D is made of two units of E Lead times for purchase or fabrication of each unit to final assembly are: Z takes two week, A, B, C, and D take one week each; and E. takes three weeks. sixty one units are required in Period to.
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Consider the following facts for Espresso Place: a. Beginning and ending Retained Earnings are $48,000 and $70,000, respectively. Net income for the period is $64,000. b. Beginning and ending Plant Assets are $122,300 and $130,300, respectively. c. Beginning and ending Accumulated Depreciation-Plant Assets are $21,300 and $24,300, respectively. d.
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A U-Haul Franchise bought new trucks for $190,000. The trucks are expected to have an eight year useful life and a trade-in value of $19,021.45. prepare a depreciation schedule (starting with the new price and continuing for each year from 1 through 8) by using the 200% declining balance method for the trucks. Round your answers for depreciation
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10-) A 10 -year bond with 12% coupon interest rate sells at par. ($1,000) This bond makes semiannual coupon payments/Another 6-year bond of equal risk pays 8% coupon interest annually. Both bonds have a face value of $1,000. What is the price of the bond which pays annual interest
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A construction company entered into a fixed-price contract to build an office building for $46 million. Construction costs incurred during the first year were $12 million and estimated costs to complete at the end of the year were $28 million. The company recognizes revenue over time according to percentage of completion How much revenue and gross
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Planet ple, a public limited company is expanding the group business. On 1 January 2020, Planet ple acquired 75% interest in Space Ltd and 25% interest in Aero Ltd. Planet ple is represented on Aero Lid's board of directors. Below are the statement of comprehensive income of Planet ple, Space Ltd and Aero Ltd for the year ended 31 December 2020.
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On January 1 of the current year, Barton Corporation issued 11%, 5-year bonds with a face value of $95,000. The bonds are sold for $90,250. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, 5 years from now. Barton records straight- line amortization of the bond discount. The bond interest
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Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases. The fixed costs remain unchanged within a relevant range of 50,000 to 300,000 cases. After sales of 180,000 cases were projected for the year, a special order was received for

Fit Planet began July with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Fit Planet purchases and sold merchandise on account as follows: ld, er Data Table ctions dise ir Jul. 5 Purchase 13 Sale 18 Purchase 26 Sale 145 crates @ 160 crates @ 170 crates @ 175 crates @ $ $ $ $ 80 each 106 each 90 each
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Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40 % in all years. Any tax effects should be adjusted through the deferred tax liability account a. Fleming Home Products
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The trial balance for ABC, Inc. on June 30, 2012 is given below ABC Inc. Trial Balance June 30, 2012 Account Debit Credit Cash 11,200 Prepaid Insurance 1,500 Accounts Receivable 4,500 Equipment 3,300 Accounts Payable 3,000 Unearned Service Revenue 2,000 Notes Payable (Long-Term) 2,000 Common Stock 13,500 20,500 20,500 The July transactions were as

Thermal Rising, Inc., makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management has designed an activity-based costing system with the following activity cost pools and activity rates: Activity Cost Pool Activity Rate Supporting direct

Which one of the following items is not generally used in preparing a statement of cash flows? Select one: O a. Additional information O b. Current income statement O c. Comparative statements of financial position d. Adjusted trial balance
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Troy ( single ) purchased a home in Hopkinton, Massachusetts, on January 1 , 2 0 0 7 , for $ 2 8 0 , 0 0 0 . He sold the home on January 1 , 2 0 2 1 , for $ 3 0 9 , 2 0 0 . How much gain must Troy recognize on his home sale in each of the following alternative situations? ( Leave no answer blank. Enter zero if applicable. ) a . Troy rented out the

The Jones Manufacturing Company produces a single product in a single processing department. The material is added when 25% of the conversion costs have been added. The Work-in-Process Inventory account on April 30 th includes the following information: Beginning balance $1,682 ($600 is materials) Beginning Balance 1682 (600 is materials)

Can someone help me solve! Income Statements under Absorption and Variable Costing? Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: If required, round interim per-unit calculations to the
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not sure what the answer is... Multiple Choice and short answer Please select the correct answer for the multiple choice questions. Type in your answer for the short answer questions (2pts) 17) Compute Austin's total social security and Medicare taxes for the fourth quarter, if she is self-employed and earns $5,000.00 on a semimonthly basis. (For
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. Theresa and Oliver, both over 65 years of age and married filing jointly, have no dependents. Their 2022 income tax facts are: Theresas wages $165,000 Olivers wages 33,000 Short-term capital gain 36,000 Long-term capital loss (41,000) What is their taxable income for 2022?

Take me to the text For the upcoming year, Nabil Litre Limited expects to generate $3,840,000 of revenue. Based on historical trends, the company makes the most sales in the first two quarters. As a regult, it assumes that the first and second quarter will each contribute 35% of the annuat revenue, The: remaining budgeted amount will be allocated
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Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings $7 Accounts Payable 15.000 Supplies 9.000 Cash 8.000 Equipment, net 138.000 Common Stock 110,000 a. Calculate the balance in Retained Earnings at year-end. $ 0 b. If the amount
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Blue Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Blue employs a fiscal year ending May 31. Income from operations before income taxes for Blue was $ 1,277,000 and $ 724,000, respectively, for fiscal years ended May 31, 2021 and 2020. Blue experienced a loss from discontinued

A 5-year Treasury bond has a 3.85% yield. A 10-year Treasury bond yields 6.05%, and a 10-year corporate bond yields 8.75%. The market expects that inflation will average 3.3% over the next 10 years (IP 10 3.3%). Assume that there is no maturity risk premium (MRP = 0) and that the annual real risk-free rate, r*, will remain constant over the next
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The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y4, the end of the year, follows: Lakota Freight Co. UNADJUSTED TRIAL BALANCE March 31, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Supplies 31,000.00 3 Prepaid Insurance 4,800.00 4 Equipment 100,000.00 5 Accumulated Depreciation-Equipment 25,000.00 6 Trucks 60,000.00 7

I need help with this review problem Balance Sheet Correction Problem Below is the December 31, 2020 preliminary balance sheet of Muskrat Tounees Inc.: This balance sheet was prepared by Muskrat's bookkeeper and obviously needs some work. As the new CPA working with this client, you dig a little deeper and come up with the following: 1. The
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the following information is related to the sole proprietorship of Jennifer Davis, attorney. legal service revenue 2022 343,000 total expenses 2022 214,000 assets, january 1, 2022 92,000 liabilities, january 1, 2022 69,000 assets, december 31, 2022 163,000 liabilities, december 31, 2022 106,000 drawings 2022 ?

ntor earned a gross compensation income of Php1,000,000 for the whole e is married with six children. Assuming that he is the one year of 2012. H claiming (not his wife) the tax exemption for the children, how much total income tax was withheld from his salary for the year 2012? 2. Joe is 18 years old and is dependent on his sister Mary for
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Part B: (4 marks) Ali and Fatima are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, Ali and Fatima agree to admit Ahmed to the firm. Instructions: Prepare the journal entries required to record Ahmeds admission under each of the following independent assumptions : Ahmed invests

Poole Corporation has collected the following information after its first year of sales. Net sales were $2,000,000 on 100,000 units; selling expenses $244,100 (40% variable and 60% fixed); direct materials $514,800; direct labor $287,400; administrative expenses $281,800 (20% variable and 80% fixed); manufacturing overhead $363,100 (70% variable

Requirements Compute the investment firm's breakeven revenue in dollars. If the average trade leads to $ 5 0 0 in revenue for Personal For You, how many trades must it make to breakeven? Compute dollar revenues needed to earn monthly operating income of $ 2 , 4 0 0 . Graph Personal For You's CVP relationships. Assume that an average trade leads to
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Timesaver, Inc., Produces deluxe and regular microwaves. Recently, Timesaver has been losing market share with its regular microwaves because of competitors offering a product with the same quality and features but at a lower price. A careful market study revealed that if Timesaver could reduce its regular model price by 10 dollars per unit, it

ieyenne Corp. began operations on April 1 by issuing 66,10 es of $5 par value common stock for cash at $16 per share. On ril 19, it issued 1,500 shares of common stock to attorneys in settlement of their bill of $30,000 for organization costs. In additio eyenne issued 1,000 shares of $2 par value preferred stock for $8c. share. urnalize the
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Maggie Sharrer, a recent graduate of Rolling's accounting program, evaluated the operating performance of Poway Company's six divisions. Maggie made the following presentation to Poway's Board of Directors and suggested the Erie Division be eliminated. If the Erie Division is eliminated, she said, our total profits would increase by $24,500. The

Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Cost Actual Cost $ 11.00 $ 12.72 4.75 3.99 Direct materials: Standard: 2.0
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"Two dollars of gross margin per briefcase? That's ridiculous!" roared Roy Thurmond, president of First-Line Cases, Incorporated "Why do we go on producing those standard briefcases when were able to make over $12 per unit on our specialty items? Maybe its time to get out of the standard line and focus the whole plant on specialty work." Mr.

Accounts receivable, 12/31 $ 6,000 $ 2,100 Cost of goods sold A 20,000 Accounts payable, 1/1 3,000 1,700 Accounts payable, 12/31 1,800 1,500 Finished goods inventory, 12/31 B 5,300 Gross margin 11,300 C Work-in-process inventory, 1/1 0 800 Work-in-process inventory, 12/31 0 3,000 Finished goods inventory, 1/1 4,000 4,000 Direct materials used

Following are transections of a Business, No V No 1 V No V No v No 7 V No V No v NG V No Received 34000 cash and issued common stock 4 Purchased supplies 500 and furniture 1900 on account 6 Performed services for a law firm and received 1200 cash Paid 25000 cash to acquire land for business in future 10 Perform services for hotel and received its
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Golden Gate Construction Associates, a real estate developer and building contractor in San Francisco, has two sources of long-term capital: debt and equity. The cost to Golden Gate of issuing debt is the after-tax cost of the interest payments on the debt, taking into account the fact that the interest payments are tax deductible. The cost of
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The comparative income statements of Patrick Quayson Company follow. Calculate trend percent for all components of the income statements using 2021 as the base year. Each formula must include the Round function, rounding all percent to 2 decimal places. (XXX.XX%) Patrick Quayson Company Comparative Income Statements For Years Ended December 31,

Following is Information on two alternatlve Investment projects belng considered by Tiger Company. The company requires a 4% return from its investments. (PV of \$1, FV of \$1, PVA of \$1, and FVA of \$1) Note: Use approprlate factor(s) from the tables provlded. a. Compute each project's net present value. b. Compute each project's profitability
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Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille%u2019s home for the entire year and Camille paid for all the costs of the maintaining the home. She received a salary of $105,000 and contributed $6,000 of it to a qualified

car-sa.country=WW&tm=deeplinkIsrc homePageWeb&cmpid-WebSignin/school/tabe:9717002657/19:9564382ad99ddres Search or type a command n 2) 7. Diabetes() is prevalent in 30%of the population above the age of 40. A blood sugar test is used as a diagnostic test. if it positive it indicates that a person has diabetes. The sensitivity for this test is 95%
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A condensed income statement by product line for Lavonia Beverage inc. indicated the following for Vim Cola for the past year: It is estimated that 16% of the cost of goods sold represents fixed factory overhead costs and that 18% of the operating expenses are fixed. Becouse Vim Cola is only one of ims materially affected if the product is
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RWP8-1 (Algo) Great Adventures Continuing Case (GL) At the end of 2025 , the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $33,400,6% note payable obtained on August 1 , 2024. Recall that annual interest is paid each July 31. - Assume that $13,400 of the $33,400 note
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Nobility Homes, Incorporated, is a small maker of manufactured homes sold throughout the state of Florida. The following are selected financial data for the company for the period 2012-2016. Source: Data from Nobility Homes 2012 to 2016 annual reports a. Calculate Nobility Homes' annual sustainable growth rate for the years 2012 through 2016.
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Wieighted anerage Cost Flow Rethod Under Perpetual Imventory System The following units of a carsicular item were avalable for sale duting the calendar year: cost to two decimal ptaces, if necessary
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The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Common stock, $35 par value (no change during the year) Preferred $10 stock, $100 par (no change during the year) The net income was $740,000 and the declared dividends on the common stock were 55,00ofor the current year.
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pls answer all Suppose Walmart has two aging categories for its accounts receivable: accounts that are 0-30 days old and accounts that are 31-90 days old. If any portion of an account receivable balance is over 90 days, that portion is written off as bad debt. An analysis of accounting records leads to the following accounts receivable matrix (P).
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The president of the retailer Prime Products has just approached the company's bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine

Selected information from the comparative financial statements of Montero Corporation for the year ended December 31 , appears below: Selected information from the comparative financial statements of Montero Corporation for the year ended December 31 , appears below
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The effect of recording depreciation for the year is a(n) decrease in assets and a decrease in net income. decrease in assets but no change in owners' equity. increase in assets and an increase in net income. decrease in net income and no change in assets.

With an explanation please GG Products, Inc., prepares tips and stems from a joint process using asparagus. It produced 210,000 units of tips having a sales value at the split-off point of $92,000. It produced 210,000 units of stems having a sales value at split-off of $23,000. Using the net realizable value method, the portion of the total joint
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On January 1, 2019, Shay Company issues $260,000 of 8%, 20-year bonds. The bonds sell for $251,550. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $273,650. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize
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D\&D Company reports select items from its statement of cash flows. Identify those items related to investing activities and co net cash flows from investing activities. Note: Cash outflows should be indicated by a minus sign
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Question 1 (5 points) Which of the following is true of Facebook advertisements? They're expensive and not well targeted. They're affordable and highly targeted. They're free and highly targeted. They're expensive and only available to national brands. uestion 2 (5 points) Saved Which of the following is an Internet tool that can notify yo
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An organization that provides housing for abused women has limited housing, so it pays rent for several families. The director is considering expanding the housing facilities by purchasing a small triplex that has a useful life of 10 years. The estimated cost is $100,000. Using a discount rate of 15%, the present value of the future savings on

The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $233 April 15 Purchase 1 235 April 20 Purchase 1 237 Total 3 $705 Average cost per unit $235 ($705 3 units) Assume that one unit is sold on April 27 for $303. Determine the gross profit for April and ending inventory on April 30

A company is considering three alternative investment projects. Accounting rate of return computations are calculated using Excel and are shown below. If the company can choose only one project, which will it choose on the basis of accounting rate of return
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as L $6,500. Laughter recorded this amount several months to complete, a nd Laughter estimates that the company has 40% of the total revenue during the current year e. At December 31, Laughter had earned $3,000 for landscape services complet t Deprecation for the current year includes Equipment, $3,000, and Trucks, $22 & Laughter has incurred $250
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Starbucks sells coffee beans, which are sensitive to price fluctuations. Suppose the following inventory information is available for this product at December 31,2025. Calculate Starbucks' inventory by applying the lower-of-cost-or-net realizable value basis. Starbucks' inventory \$\$
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c. Prepare a schedule of P6-38. Kylie Henderson owns Henderson's Home Improvement Shop in London. In you working papers, balances as of May 1 are provided for the accounts receivable and general ledger accounts.) The following transactions occurred in May. Comprehensive problem: recording transactions in sales, cash receipts, and general journals;
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.The following receivables control account has been prepared by an inexperienced bookkeeper. What should the closing balance on the receivables control account be once any errors have been corrected? A. RM15,550. B. RM19,550. C. RM14,250. D. RM13,150 Receivables Control Account \begin{tabular}{|c|c|c|c|} \hline & $ & & $ \\ \hline Opening balance
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K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: \begin{tabular}{lrrr} & Consultant & Computer Programmer & Administrator \\ \hline Regular earnings rate & $3,110 per week & $36 per hour & $46 per hour \\ Overtime earnings rate & Not
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Olal Question 2 (41 marks) Question 2.1 (10 marks) Complete the following puzzle: ACROSS 3. The point at which an organisation needs to place an order for inventory items to avoid inventory shortfall 4. = Re-order level - (Average usage x Average lead time). 5. The international Accounting Standard that prescribes the accounting treatment for
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The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2014
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Problem 6-1A Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3 (The following information applies to the questions displayed below Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. 2014 2015 Sales ($48
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q3 A set of individual user views of the database is called the conceptual-level schema. internal-level schema. external-level schema. meta-schema.

please answer quickly ill thumbs up!!! Cracks of Dawns a clothing resale store, employs one salesperson, Daisy Hardy, Hardy's straight-time wage is $40 per hour, with time-and-a-half pay for hours above 40 Cracks of Dawns withholds income tax (10%), FICA--OASDI (62%), and FICA--Medicare (1.45%) from Hardy's pay. Cracks of Dawns also pays payroll
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Required information RWP7-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions dispiayed below] Tony and Suzie see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1,2025, for $13,200. They expect to use the Suburban for five
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Silmon Corporation makes a product with the following standard costs: Inputs Standard Quantity or Hours Standard Price or Rate Direct materials 4.9 grams $ 7.00 per gram Direct labor 0.6 hours $ 14.00 per hour Variable overhead 0.6 hours $ 4.00 per hour In June the company produced 4,200 units using 21,830 grams of the direct material and 2,580

NEED THE STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY COMPLETED AT THE BOTTOM - THANK YOU! Oriole Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31,2023 , it had an unlimited number of common shares authorized and 5.4 million shares issued at an average value of $26 per share. As well, there were 5.2
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ACCT 2302 Walsh Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations: Variable costs per unit: Manufacturing: Direct materials $ 27 Direct labor $ 15 Variable manufacturing overhead $ 4 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing

Sunshine Foods manufactures pumpkin scones. For January 2020, it budgeted to purchase and use 14,750 pounds of pumpkin at $0.92 a pound. Actual purchases and usage for January 2020 were 16,000 pounds at $0.85 a pound. Sunshine budgeted for 59,000 pumpkin scones. Actual output was 59,200 pumpkin scones. Requirement 1. Compute the flexble-budget
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Samms Enterprise kept petty cash on the imprest system and had an imprest amount of $28,020 for the month of December 2019. The Petty cash transactions were: 2019 $ November 30 Petty cash in hand 100 Dec. 1 Petty cash restored to the imprest system ? 5 Bought ink cartridge 1,200 6 Bought office paper 720 9 Paid grounds mans wages 3,000 15 Bought

can you please check the question thank you In the 4P's, "product" encompasses (1). considerations and (2) value (1) Packaging, (2) delivers (1) Packaging, (2) creates (1)Warranty, (2) communications (1) Promotional , (2) does not provide
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Langdon Company produced 9,600 units during the past year, but only 8,100 of the units were sold. The following additional information is also available. Direct materials used $91,500 Direct labor incurred $31,000 Variable manufacturing overhead $21,500 Fixed manufacturing overhead $48,000 Fixed selling and administrative expenses $70,000 Variable

Crane Company manufactures two products, Velveeto and Fondant. Crane has estimated overhead costs as follows: setting up machines (\$176000), machining (\$324880) and inspecting (\$118800). Information on the two products follows: If Crane uses ABC, how much overhead will be applied to Velveeto
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Exercise 17-4 Compute common-size percents for the following comparative income statements (round percents to one computing and interpreting decimal). Using the common-size percents, which item is most responsible for the decline in net inconcl commonsize percents P2
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Linkin Corporation is considering purchasing a new delivery truck. The truck has many advantages over the companys current truck (not the least of which is that it runs). The new truck would cost $ 55,440. Because of the increased capacity, reduced maintenance costs, and increased fuel economy, the new truck is expected to generate cost savings of

At the beginning of the current period, Vaughn Ltd. had balances in Accounts Receivable of 273,000 and in Allowance for Doubtful Accounts of 9,200 (credit). During the period, it had net credit sales of 870,000 and collections of 826,500. It wrote off as uncollectible accounts receivable of 6,700. However, a 3,000 account previously written off as
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Information for two companies follows: (1) Compute the degree of operating leverage (DOL) for each company. (2) Which company is expected to produce a greater percent increase in income from a 30% increase in sale Complete this question by entering your answers in the tabs below. Compute the degree of operating leverage (DOL) for each company.
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8. John (single, age 52) is covered by a pension plan where he works. John's only income in 2021 is from wages as follows: John - wages $68,000 a. What is the MAXIMUM allowable deductible contribution that John can make to a traditional Individual Retirement account for 2021? b. Assuming that John makes the contribution in Part a above to his
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Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Jacinto Company issued $25,600,000 of five-year, 10% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 12%,

Question: Can you please calculate the cost using: A - Job costing and B- Process costing and compare: Case study- Sapphire Textile Mills Limited: Refined Costing. Additional info if needed: Exhibit 8: Average Departental Efficiency Per Customer Order \begin{tabular}{|c|c|c|c|c|} \hline Customer Name & Cutting (\%) & Stitching (\%) & Inspection
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Tomowing comparative balance sheet dat FRIZELL COMPANY Balance Sheets December 31 2017 2016 $14,500 29,200 Accounts receivable (net 69,000 60,100 60,600 50,700 Cash Inventory Plant assets (net) 200,000 185,000 $344,100 $325,000 $50,500 $59,600 Mortgage payable (696) 101,500 101,500 Common stock, $10 par 138,500 122,000 53,600 41,900 $344,100
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) Hassan graduated from marketing degree (As a marketer, he strongly believes in the marketing power to increase sales. He proposed an alternative plan to Ahmad's: > increase variable selling expenses to 59 sen per unit, lower the selling price per unit by 25 sen and increase fixed selling expenses by RM40.000. From recent marketing report, Hassan
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[The following information applies to the questions displayed below.] Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, theyll hold their first adventure races. These races will
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May April Question 1. Abdullah and Khalid have recently won a design award for their 'wooden box' storage and have established a company, AK Wooden box Ltd, to commence production of the storage box. The 'wooden box' storage have an innovative design. Abdullah has just read a newspaper article about the importance of cash budgets in highlighting
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Roles and Results will tell me ? The name of the Reviewer The name of the Reconciler Both of the above None of the above
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Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost
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Indigo Inc acquired 130,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $767,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $32,200. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash

(5 points) Which of the following best describes depreciation expense under the Straight-line method of depreciation? (A 27) There is not enough information provided to answer this question. It will be constant each year over the useful life of the asset. It will decrease each year over the useful life of the asset. It will increase each year over
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please do questions 25, 26, 27 and 28 as soon as possible.. my subject is accounting for the manager Financial Statement Analysis Following are selected ratios (in alphabetical order) for two competitors, Alpha and Omega. For each of the questions below, support your answer by referencing at least two ratios. 9 12 15 Ratio Acid test Asset tu over
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(2) Project A and Project B are mutually exclusive. If Project A has a higher internal rate of return (IRR) than Project B, does that mean Project A must also have a higher net present value (NPV) than Project B? Explain. (3) Given two mutually exclusive projects and a zero cost of capital, why do the payback method and NPV method may lead to the

Pharoah, Inc. is in a lawncare business that specializes in residential services. A large majority of their customers have set up accounts to pay their bills for services the month after the service has been rendered while other customers pay as soon as the work is completed. Artemis estimates that Pharoah. Inc. will collect 40% of their payments

Kitchen Supply, Inc. (KSI), manufactures three types of flatware: institutional, standard, and silver. It applies all indirect costs according to a predetermined rate based on direct labor-hours. A consultant recently suggested that the company switch to an activity-based costing system and prepared the following cost estimates for year 2 for the

how is the portion of consolidated earnings to be assigned to non-controlling interest in consolidated financial statements determined? a. the net income of the parent is subtracted from the subsidiary's net income to determine the non controlling interest b. the subsidiary's net income is extended to the non-controlling interest c. the amount of

Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August 2015. Petes Tennis Shop uses a periodic inventory system Date Transactions Units Cost per Unit Total Cost August 1 Beginning inventory 8 $152 $ 1,216 August 4 Sale ($185 each) 5 August 11 Purchase 10 142 1,420 August 13 Sale

Michael purchased a new piece of equipment to be used in its new facility. The $380,000 piece of equipment was purchased with a $57,000 down payment and with cash received through the issuance of a $323,000,8%,5-year mortgage payable issued on January 1,2022 . The terms provide for annual installment payments of $80,897 on December 31 . Fill in
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Current Attempt in Progress These transactions took place for Blue Spruce Corp. 2021 May Dec. 2022 1 31 Received a $9,000, 12 months, 10% note in exchange for an outstanding account receivable from R. Stoney. Accrued interest revenue on the R. Stoney note. May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued
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