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Accounting Questions and Answers August 04, 2015

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Island Novelties, Inc., of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows Hawaiian Tahitian Fantasy 16 Joy Selling price per unit Variable expense per unit Number of units sold annually $120 4 2 6,400 24,000 Fixed expenses total $580,500 per
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Ar amorization table/schedule is created to compute the amount to be amortized each year. Which columin trite is not needed the labie? Interest on Carrying Value All listed are nineded Cash interest Payment Carrying Value Anortization of DiscountPremium
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Which accounts are closed with debits at year-end? Select one: a. Prepaid Expense Unearned Revenue Sales Revenue No Yes Yes b. Unearned Revenue Prepaid Expense Sales Revenue No No No C. Prepaid Expense Sales Revenue Unearned Revenue No Yes No d. Prepaid Expense Sales Revenue Unearned Revenue No No Yes Prepaid Expense Sales Revenue Unearned Revenue
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5 facturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption statement for the most recent period is shown: 10 Income Statement Cost of goods sold selling and administrative expenses Hi-Tek produced and sold 60.200 units of B300 at a price of $19 per unit and 12.800 units of T500 at a price of $40 per unit.
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Question 3 Not yet answered Marked out of 3.00 Council of Petroleum Accountants Societies (COPAS) provides two methods that petroleum companies may use to accounting their business transactions. These method are (i) Successful efforts and full cost methods and (ii) Tax method. Upstream, the accumulated capitalized costs from Exploration &
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D) Service Revenue 5) The asset account, Office Supplies had a beginning balance of $5700. During the accounting period, office supplies were purchased, on account, for $5100. A physical count, on the last day of the accounting period, shows $2000 of office supplies on hand. What is the amount of Supplies Expense for the accounting period? A)
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Exercise 14-2 (Algo) Net Present Value Analysis [LO14-2] The management of Kunkel Company is considering the purchase of a $25,000 machine that would reduce operating costs by $6,000 per yeat. At the end of the machine's five-year useful life, it will have zero salvage value. The company's required rate of return is 11%. Click here to view Exhibit
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Grouper Inc. owns and operates a number of hardware stores in the New England region. Recently, the company has decided to locate another store in a rapidly growing area of Maryland. The company is trying to decide whether to purchase or lease the building and related facilities. Purchase: The company can purchase the site, construct the building,

Phion Computer Company is a manufacturer of personal computers and tablets During its first month of manufacturing, Pilton Computer Company named the following manufacturing contes Click the konto ww account balances) m Click the icon to view other information Prepare a schedule of cost of goods manufactured for trilon Computer Company for the
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Held-to-Maturity investments: On January 1, 2019, a company pays $2.061.440 for a 10-year corporate bond with a face value of $2.000.000. The bond pays interest of 10.5 percent on December 31 of each year, and the principal is due on December 31, 2028. The investment yields a 10 percent compound annual return to maturity. The company classifies
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How a person approaches and responds to an ethical issue is termed: a. ethics. b. critical thinking. c. decision making. d. morals. Clear my choice
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Question 14 (3.2 points) Nick wants to make money, so he starts his own business as a sole proprietor. He likes this form of business because he will get to keep all of the profits the business makes. O profit is guaranteed since he will be the only owner. it will provide a steady income for him. he has to split the profits with only one other
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Which of the following items is not a correct description of an adjustment to net income in the operating activities section of the statement of cash flows? Add compensation expense related to a stock option compensation plan. A. B. Add an unrealized gain on debt securities classified as available-for-sale. Add an unrealized loss on equity
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Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the lliterate opened a new bookstore and bought merchandise in the following order: (1) 150 units at $8 on January 1, (2) 530 units at $9 on January 8 , and (3) 830 units at $11 on January 29. Assuming 1,020
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7. Quality Harvesters Co. is a farming corporation that grows and sells crops in the Midwest. The company is publicly traded on the stock market: however, management prefers to use variable costing for decision purposes. The company's books are adjusted to arrive at bsorption Income for financial reporting purposes The company reported the
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Bill's Pizza sold 2,543 pizzas for the month of July 2020 - all sales were are 1 point in cash for this business. July sales totaled $50,860, with $3,600 sold so far in the month of August. Cost of goods sold averaged $17 per pizza in July Other expenses in July were as follows: advertising $1.200 depreciation $1,000 and book keeping $500. Income
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Answer these questions about two comparies: 1. Marble Limited began the year with total fabilities of $195,000 and total shareholders' equity of $350,000. During the year, lotal assets increased by 19%. How much are total essets at ine en of the year? 2. Northbound Associates began a year with total assets of $725,000 and total labilses of
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Item1 1points eBook Print References Check my workCheck My Work button is now enabled Item1 Item 1 1 points On December 18, 2017, Stephanie Corporation acquired 100 percent of a Swiss company for 4.0 million Swiss francs (CHF), which is indicative of book and fair value. At the acquisition date, the exchange rate was $1.00 = CHF 1. On December 18,

Comparative balance sheets report average total assets for the yea amounts in thousands, except earnings per share). a. Prepare an income statement for the year in a multiple-step forma b-1. Compute the gross profit rate. b-2. Express the net income as a percentage of net sales. b-3. Compute the return on assets. b-4. Compute the return on equity
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Special-Order Decision Smooth Move Company manufactures professional paperweights and has been approached by a new customer with an offer to purchase 15,000 units at a per-unit price of $9.00. The new customer is geographically separated from Smooth Move's other customers, and existing sales will not be affected. Smooth Move normally produces
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Shadee Corp. expects to sell 620 sun visors in May and 410 in June. Each visor sells for $26. Shadees beginning and ending finished goods inventories for May are 85 and 50 units, respectively. Ending finished goods inventory for June will be 60 units. E8-8 (Algo) Preparing Cost of Goods Sold Budget [LO 8-3f] Each visor requires a total of $3.50 in

LO 14.6 Hill Corporation issued $1,500,000 of 11% bonds at 98 on January 2, 2014. Interest is paid semiannually on June 30 and December 31. The bonds had a 10-year life from the date of issue, and the company uses the straight-line method of amortization. On March 31, 2017, Hill recalls the bonds at the call price of 107 plus accrued interest.

[The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 54,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $17,000.
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Please complete (Show work) Year Cash Flow Net Income 0 $(100,000) $----------- 1 $10,000 $12,000 2 $22,000 $26,000 3 $33,000 $33,000 4 $40,000 $32,000 5 $2,000 $37,000 Required Rate of Return: 9.00% Average book value: $63,000 Payback criteria (years): 3.0 Discount Payback Criteria (years): 2.5 Average Accounting return: 25.0%

The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2016, follow: Accounts (revenue and expense items) Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 450,000 Prepare a statement of owner's equity for the year ended August 31, 2016. Barb Schroeder, the owner, invested an

Recently the following transactions have taken place. a. NGS issues 1,500 preferred shares for $11 a share. b. NGS repurchases 1,500 common shares for $10 a share. c. On November 12, the board of directors declares a $0.10 cash dividend on each outstanding preferred share. d. The dividend is paid December 20. Record the issuance of 1,500 shares of
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Elliott Company produces large quantlties of a standardized product. The following information is avallable for Its first production department for March. Prepare a production cost report for this department using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places
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Brief Exercise 14-7 On January 1, 2017, Riverbed Corporation issued $690,000 of 9% bonds, due in 10 years. The bonds were issued for $736,889, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31
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determine the amount withheld Find the amount withheld. (1 point each) 1. Stephen Jensen, a pharmacist, is married, earns $369.23 weekly, and claims 2 allowances. 2. Lisa Steamer is married, earns $290.34 weekly as a receptionist, and claims no allowances? 3. Mike Travis is a physical therapist. He earns $59,830 a year and is single with no
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Gavin Martin, the general manager of Exceed Software, must decide when to release the new version of Exceeds spreadsheet package, Quickspread 2.0. Development of Quickspread 2.0 is complete; however, the NSB sticks containing the installation files and user manuals have not yet been produced. The product can be shipped starting 1 July 2021. The

Answer is A. Any help in how I get that answer would be awesome! 3. A piece of equipment was acquired on January 1, 2010, at a cost of S22,000, with an estimated residual value of $2,000 and an estimated useful life of four years. The company uses the double-declining-balance method. What is its book value at December 31, 2011? A) S5,500 B)
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Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 23 @ $ 190 43 @ 194 34 @ 195 22 @ 193 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 19 @ $ 219
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I have been able to solve most of this problem. I am having a very difficult time answering for the last two answers under b. I have highlighted the ones I can not solve. Thanks in advance for your help. Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs
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Brazzie Inc. issued $200,000 face value bonds at a discount and recelved $185,000. At the end or 2021, the balance in the Discount on Blonds Payabie account is 510.000. This years balance sheot will show an ned liability of $185,000 5180.000 3195.000 sing2,000
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Blackboard XC Remaining Time: 1 hour, 58 minutes, 20 seconds. * Question Completion Status: 9 points Save Answe QUELTOITU Murad is considering starting a small catering business. He would need to purchase a delivery van and various equipment costing $62,500 to equip the business and another $30,000 for working capital needs. Rent for the building
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4 PA9-2 Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5 Ly Company disposed of two different assets. On January 1, pnior to ther disposal, the accounts reflected the following points Cost nachine A $3e,eee Hachine B 59,20 Accumulated Depreciat value Estinated Life (straight-1ine) $21,609 (4 years) $3,eee 3, 280 5 years 14
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Blueprint Problem: Cost-Based Decision Making Keep or drop decisions Differential Analysis: Keep or Drop Decisions Managers must often decide between two or more alternatives. Differential analysis is used in decision making. When using differential analysis, it is important to only include those amounts that are different between the
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Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blakes gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. Valeries salary from GuiTech, an S corporation, was $29,400. Valerie owns 16 percent of GuiTechs outstanding stock. Her pro rata share of GuiTechs ordinary

ASSIGNMENT 10 Problem 10-1: Post transactions from General Journal to General Ledger. Robert Carpenter began business as a licensed real estate broker on October 1, XXX1. During October, Mr. Carpenter's part-time bookkeeper recorded transactions in the General Journal. The General Ledger accounts were set up from the following chart of accounts.

Lease or SellL Felix Company owns a equipment with a cost f $367,000 and accumulated depreciation f $56,700 that can be sold for $276,800, less a 5% sales commission. Alternatively, Felix Company no residual value. In addition, the repair, insurance, and property tax can lease the equipment to another company for three years for a total of
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Following a strategy of product differentiation, Arseniq Company makes a high-end Appliance, XT15. Arseniq presents the following data for the years 2016 and 2017: 2016 2017 Units of XT15 produced and sold 50,000 52,500 Selling price $500 $550 Direct materials (square feet) 150,000 153,750 Direct materials costs per square foot $50 $55

Net Present ValueUnequal Lives Project 1 requires an original investment of $78,300. The project will yield cash flows of $14,000 per year for nine years. Project 2 has a calculated net present value of $18,100 over a seven-year life. Project 1 could be sold at the end of seven years for a price of $51,000. Use the Present Value of $1 at Compound

Ab-Z6 Company began operations in 2026. During the year, the company worked on three jobs. Information related to these three jobs is given below: Job #1-A direct materials. $40,300 direct labor cost ..... $53,500 Job #2-B $63,900 $74,800 Job #3-C $22,600 $34,600 By the end of the year, Job #1-A and Job #2-B had been completed. Job #3-C was not
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You are an auditor assigned to the engagement client Nevermore Pty Lid (Nevermore). Donovan is a CFO at Nevermore. This year. analyst forecasts show that Nevermore's profit would reach a new height 30 earnings per share; however. the 9-month actual financial statements shov At Nevermore's profit is currently at $28 earnings per share. You
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on Continutus QUESTION 10 Burmer coas acumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance costs must be determined. Daarding the machine hours and maintenance costs for the last year and the results of the regression analyses are as follows Month Maintenance Cost Machine
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Accounts Receivable has a balance of $31,000, and the Allowance for Bad Debts has a credit balance of $3,200. The allowance method is used. What is the net realizable value of Accounts Receivable before and after a $2,300 account receivable is written off? O A. $27,800; $27,800 OB. $25,500, $25,500 O C. $25,500; $30,100 O D. $27,800; $25,500
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The financial statements of P&G are presented in Appendix B . The Company's complete annual report, including the notes to the financial statements, is available at P&G Annual Reports. Refer to P&G ' s financial statements and the accompanying notes and answer the following questions: What method does P & G use to translate cash flows from foreign
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In which one of the following calculations would CVP analysis be most important? calculating depreciation expense determining how many employees to hire estimating units to be produced at capacity determining the selling prices
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E7-3. Grande Co. had credit sales of $20,000 in the current period. Accounts Receivable had a beginning balance of $4,000 and an ending balance of $5,000. Compute its cash collections from its credit sales for the current period and prepare journal entries for credit sales and cash collections. Beginning Balance Credit Sales Subtotal Ending
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Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activities: $3,135 Net income Purchase of equipment Borrowings under line of credit (bank) Proceeds from issuance of common stock Cash received from customers Payments to reduce notes payable (long-term) Sale of investments
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QUESTION 9: Alpha Company has the following items in its equipment account: Assets & Date Purchased Method of Depreciation Cost Salvage Value 1. Delivery Truck (4/30/15) Unit of Activity $60,000 $11,000 2. Office Furniture (6/1/15) Straight Line $15,000 $500 3. Computer (4/1/15) Double Declining $5,000 $700 The delivery truck is estimated to have

The following dashboard pertains to the income Statement and Balance Sheet of Bella Beveroges: Bella Beverages Income Statement Balance Sheet Changes Required: Present the operating activities section of the statement of cash flows for Bella Beverages using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.
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Answer is D. Any help in how to get that answer would be awesome! Shaggy Limited purchased a new van on January 1,2011. The van cost $20,000. It has an estimated life of five years and the estimated residual value is S5,000. Shaggy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated
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show the formulas on excel.as well thank you The following are selected account balances for Cleveland Clinic, as of December 31, 2020, Accounts payable Accounts receivable, net Accumulated depreciation Accrued expenses Cash Long-term debt - Mortgage Short-term investments Net assets (equity) Notes payable -Short-term Other assets (non-current)
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In answering Question 22 in Unit 2, we stated that there is room for improving the St. Louis equation estimates by simply dropping the insignificant lagged variables. In so doing, we ended up with the following model: Yt =+0 Mt +3 Mt-3 +4 Mt-4 +1 Gt-1 +4 Gt-4 +ut where Y is the rate of growth in nominal GDP; M is the rate of growth in money supply

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March- Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all
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Operations: Revenue Operating Cost Depreciation EBIT Taxes Net Income $ $ - $ - $ - $ . Add back Depreciation $ : $ : $ : $ : Total Operating Cash Flow $ - $ - $ - $ .. Terminal values: 1) Change in net WC 2) Salvage value (after tax) Total Project Net Cash Flows $ - $ - $ - $ - $ - NPV = $0.00 IRR = #NUMI Payback= 0.00 Profitability Index =
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Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard
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Question 28 In the year to 30 April 2008, Eyad paid a total of $127,569 to his suppliers. His opening and closing balances due to suppliers and his opening and closing inventory values were: Opening value Closing value Suppliers $11,564 $12,826 Inventory $5,288 $4,184 What was Eyad's cost of sales for the year to 30 April 2008? A $127,727 B
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Exercise 2-8 These financial statement items are for Concord Corporation at year-end, July 31, 2017 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends
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Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson Land (undeveloped) Total assets $ 139,000 140,000 488,000 473,000 809,000 430,000 255,000 2,525,000 2,595,000 335,000 575,000
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Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively, Determine their partidation in the vear's net income of $136,000 under each of the following independent assumptions: a. No agreement concerning division of net income b. Divided in the ratio of original capital
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Case Study Financial performance measures are essential tools used by managers to evaluate the financial health of their organization. They provide an overview of the company's financial performance, help identify areas of improvement, and support decision making. CarniTrin is a manufacturer of Carnival costumes in a highly competitive market. The

Problem 17-15 Comprehensive-pension elements; spreadsheet [LO17-8] The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,400 $ 4,680 Accumulated benefit obligation 3,730 3,980 Plan assets (fair value) 4,980 5,425 Interest

Find the cost of each item using the given information. All answers should be in dollars and cents, eg. $100.25. COST $ ITEM HAT DRESS SHORTS RADIO COAT MU% 53% 55% 64% 29% 58% RETAIL $$ $67.00 $120.00 $48.00 $60.00 $325.00 s 5
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QUESTION 2 As the Head of Business Development of Fidelity Venture Capital, a client approached you for an investment advice on the following stocks. Information gathered showed the following return for AFN stock and GTB stock over a five year period
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Required information [The following information applies to the questions displayod below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the
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When comparing various divisions within a company, describe what problems can arise from evaluating divisions that have different accounting methods, as described in Chapter 11 of your text. Cite three examples of accounting methods that could cause divisions' profits to differ. Your initial post should be 200-250 words.

It costs Crane Company $28 of variable costs and $12 of allocated fixed costs to produce an industrial trash can that sells for $60. A buyer in Mexico offers to purchase 3000 units at $30 each. Crane Company has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? Increase $30000
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VIVI DIO UUTUU TU, U UL TUO PIO S14-4 (similar to) Question Help GDM Equipment, Inc. reported the following data for 2018: E: (Click the icon to view the data.) Compute GDM's net cash provided by operating activitiesindirect method. Complete the partial Statement of Cash Flows. (Use a minus sign or parentheses for amounts that result in a decrease
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23) Prepare the statement of cash flow using the following information Fitzpatrick Company's calendar-year 2016 balance sheets show a December 31, 2015, cash balance of $114,000, and a December 31,2016 , cash balance of $131,600. The income statement shows the following: Net Income, $116,000; Depreciation Expense, $44,000; Amortization Expense,
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On January 1 , the Matthews Band pays $66,600 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the straight-line method
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34:44 k Square9 Corporation has provided the following information about one of its laptop computers: Date 1/1 5/5 8/10 10/15 Transaction Beginning Inventory Purchase Purchase Purchase Number of Units 120 220 320 210 Cost per Unit $420 $470 $520 $570 During the year, Square9 sold 800 laptop computers. What was ending inventory using the LIFO cost
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XG Questos 7 Quit navigation Required It dividends are declared and paid in the same year, what is the net effect on the accounting equation? 1 | 2 Manado 100 10 | 11 12 Tag Questo Select one a Adecrease in Retained Earnings and an increase in Expenses A decrease in Cash and an increase in Expenses c. A decrease in Cash and an increase in Retained
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A borrower has two alternatives for a loan: (1) issue a $720,000, 120-day, 6% note or (2) issue a $720,000, 120-day note that the creditor discounts at 6%. Assume a 360-day year. a. Calculate the amount of the interest expense for each option. $___________ for each alternative. b. Determine the proceeds received by the borrower in each situation.

Winter Corporation, which only has one product, has provided the following data concerning its most recent month of operations. Amount $140 1,800 1,600 200 Description Selling Price Units in beginning inventory Units produced Units sold Units in ending inventory Variable Costs Direct materials Direct labor Variable manufacturing overhead Variable
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Jackson Peripherals manufactures printers, scanners, and other computer peripheral equipment. In the past, the company purchased equipment used in manufacturing from an outside vendor. In March 2009, Chilton decided to design and build equipment to replace some obsolete equipment. A section of the manufacturing plant was set aside to develop and

avison Toys, Uimited, produces a toy called the Maze. The company has recently created a standard cost system to heip control cos ind has established the following standards for the Maze toy: Ditect materials: 7 microns per toy at $0.35 per micron Direct labor: 1.2 hours per toy at $6.80 per hour During July, the company produced 4,800 Maze toys.
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Last year, a company reported sales of $640,000, a contribution margin of $160,000, and a net loss of $40,000. Based on this information, the break-even point in sales dollars was: ? Show work and formulas.

LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $240,000 cash July 8: Purchased inventory costing $49,000 on account July 22: Purchased land costing $80,000. LPYT Company paid $60,000 cash immediately and agreed to pay the remaining amount later. August 1: Received $23,000
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Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Record these transactions on page 10: 2016 Feb. 14 Purchased 4,800 shares of Apollo Inc. as a trading security at

thank you! will give a thumbs up . When a company makes a payment towards its Accounts Payable, what is the effect on the accounting equation? a) Assets decrease and liabilities decrease b) Assets increase and liabilities increase c) Assets decrease and liabilities increase d) Assets decrease and stockholders' equity decreases e) Assets increase
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Fraud, Professional Ethics and Auditor Independence - 20 marks a) The auditor's independence has two (2) forms: independence of mind and independence in appearance. i) Is one more important than the other? Explain your answer and give one example for each. (5 marks) ii) Will one or both forms of independence be impaired if auditors provide
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The accounting department of Insecurity Protection Services, a company that provides security services for rich, famous, and insecure people is analyzing the costs of its accounting services. Analysts have selected the following cost drivers: paychecks processed, invoices processed, customer accounts maintained, responses to routine inquires, and
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Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $391,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $28,000 : factory rent, $38,000 : factory utilities, $22,000; and
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The sud temen ul iind nudi pusuun ui LELOUCH cunronAON un Dece muer s,2013, i epons Trading securities at fair value of P670, 770. Supporting records of the company show the following debt and equity securities: Security 600 Condura Co. ordinary shares P240.000 Sinker Co. 7% bonds P360,000 Fiudier Co. 7 276 uonus Total Cost P76,350 238,950 Fair
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QUESTION 5 Howard Company has net income of $15,000 in income. It paid dividends of $.90 on its 6000 shares of stock. The market price of the stock was $22. What was the Price/Earnings ratio? 7.80 8.80 6.80 10.30 QUESTION 6 Machine 1 with a 5 year life has a net present value of $30,000 and a payback period of 2 years. Which one of the following

Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118. Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment on December 31, 2019 Question 52 Roxy Inc. issues a $1,500,000,
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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2016 Assets Cash $ 62,000 Accounts receivable 113,000 Inventories 66,000 Machinery (net) 131,000 Franchise (net) 41,000 Total assets $

Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900
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Yancey Productions is a film studio that uses a job-order costing system. The companys direct materials consist of items such as costumes and props. Its direct labor includes each films actors, directors, and extras. The companys overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of

The balance sheet at December 31, 2024, for Nevada Harvester Corporation includes the liabilities listed below: a. 9% bonds with a face amount of $53 million were issued for $53 million on October 31,2015 . The bonds mature on October 31 , 2035. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2025, at a
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Rider Company had the following financial results for last month. Which type of responsibility center do these financial results reflect? Gretzel Subunit Actual Flexible Budget Flexible Budget Variance (U or F) % of Variance (U or F) Direct materials $30,000 $28,000 $2,000 U 7.14% U Direct labor 15,000 14,000 1,000 U 7.14% U Indirect labor 25,000

0 Required information The following information applies to the questions displayed below John (ege 54 and single) has earned income of $3.300. He has $30.200 of unearned (capital gain) income. a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2018? Maximum deductible IRA
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Exercise 8-08 Vaughn Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. Date Receipt No. For Amount 3/5 1 Stamp Inventory $35 7 2 Freight-Out 13 9 3 Miscellaneous Expense 14 11 4 Travel Expense 20 14 5 Miscellaneous

Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs. Total Costs Products Sales Revenue Traditional ABC Product 540X $208,000

During 2017, Vaughn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Vaughn for a lump sum of $55,700 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each
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Question 1 (3 Marks) North Company sells a single product. The product has a selling price of $30 per unit and variable expenses are 70% of sales. If the company's fixed expenses total $90,000 per year, then what will be its break-even point for sales? The corporate tax rate is 30%. A. $90,000. B. $300,000. C. $42,000. D. $210,000. E. None of the
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D WC u. 7.60 (Algoj Joint costs aliecoted to product DBB-f using the physical measure method: Double Company The amount of joint costs allocated to product DBB-1 using the physical measure method is: Multiple Choice $752,083. $761,484. $1,706,289 \$1,203.333. $1,42,227
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Which of the following is the best explanation for why it is necessary to calculate equivalent units of production in a process costing environment? Multiple Choice In most manufacturing environments, it is not possible to conduct a physical count of units. Companies often use a combination of a process costing and job order costing systems. In
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