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Accounting Questions and Answers October 01, 2015

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5. Fiscal policy, the money market, and aggregate demand Suppose there is some hypothetical economy in which households spend $0.50 of each additional dollar they earn and sive the $0.50 they have left over. The following graph plots the economy's initial aggregate demand curve (AD1). Suppose now that the govemment increases its purchases by $3
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. suming situation (a), prepare the employer's September 30 journal entry to record the
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6:22
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Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells all units it produces each month. The relevant range is 0 to 2,000 units, and monthly production costs for the production of 1,600 units follow. Morning Dove's utilities and maintenance costs are mixed with the fixed components shown in parentheses.
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Need help with A1,A2& B EMD Corporation manufactures two products, Product S and Product W. Product W is of fairly recent origin, having been developed as an attempt to enter a market closely related to that of Product W. Product W is the more complex of the two products, requiring 3 hours of direct labor time per unit to manufacture compared to 1
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CP9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions during a recent year. January 2 Purchased a tour

Revision of Depreciation On January 2, 2015, Moser, Inc., purchased equipment for $100,000. The equipment useful life. Straight-line depreciation has been recorded. Before adjusting the accounts for 2019, Moser decided that the useful life of the equipment should be was expected to have a $10,000 salvage value at the end of its estimated six-year
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(b) A fund has liabilities of $2 million due in 7 years' time and $4 million due in 10 years' time. Two zero-coupon bonds with terms to maturity of 5 years and 12 years are available for investment purpose. Determine the required nominal dollar amounts of these two bonds such that the present values and the modified durations of assets and
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Question 2 A. Polly Ltd has a division in Pinky Island and the Finance manager has approached to you assist them in developing a cash budget for a period of three months from September to November 2020. The company's activities are planned as follows: 1. Planned sales for August, September, October and November 2020 are $280,000, $300,000,
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QUESTION 4 1 points Save Answer : B A - 0.3=(p ( B : 0.6=(p ( A p(AB)=0.6 True False QUESTION 4 1 points Save Answer : B A - 0.3=(p ( B : 0.6=(p ( A p(AB)=0.6 True False
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Rutro Corp. makes three products in a single facility. These products have the following unit product costs: Product A Product B Product C Direct material $32.00 $40.00 $42.00 Direct labor 22.00 20.00 16.00 Variable manufacturing overhead 6.00 8.00 15.00 Fixed manufacturing overhead 29.00 38.00 28.00 Unit cost $89.00 $106.00 $101.00 Additional

For 2014, Anderson Corporation had total debits of $77,000 and total credits of $64,000 in their overhead account before any adjustment for over or under applied overhead. Which of the following statements is true Overhead applied to work in process for the year was $64,000. Overhead transferred from finished goods to cost of goods sold during the
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Problem 16-45 (LO. 5) For 2021, Maddie has gross income of $38,350 and a $5,000 long-term capital loss. She claims the standard deduction and is eligible for head of household filing status. Maddie is 35 years old and unmarried with two dependent children. How much of Maddie's $5,000 capital loss carries over to 2022
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Sales Cost of goods sold Accounts receivable 2019 2018 2017 2016 2015 $ 558,487 $ 369,859 $ 295,887 $ 197,918 $ 147,700 276,059 182, 781 148, 385 98,130 72,373 27,087 21,526 20,268 11,618 10,103 Compute trend percents for the above accounts, using 2015 as the base year. Choose Numerator Trend Percent for Net Sales: Choose Denominator: = Trend
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Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: During March, the following activity was recorded by the company: - The company produced
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7 Homework Saved Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,200,000. Ranns engaged in the following transactions during the year. 1. Purchased merchandise inventory for $9,400,000. 2. Generated net sales of $26,000,000. 3. Recorded inventory shrinkage of $10,000 after taking a
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cash flow statement The following data is for Bella Corporation: Balance Prior Year Balance Current Year 15.000 40.000 5,000 50,000 200.000 20.000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Equipment Accumulated Depreciation Land Security Deposit Accounts Payable Wages Payable Taxed Payable Note Payable Common Stock (S1
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On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,600 Accounts Receivable 48,300 Supplies 9,400 Equipment 83,000 Accumulated Depreciation $ 10,900 Accounts Payable 16,500 Common Stock, $1 par value 19,000 Paid-in Capital-Excess of Par 99,000 Retained Earnings
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Identify an organization that was involved in corporate fraud. Explain how fraud can be detected and evaluate the importance of teamwork and leadership in a fraud investigation. For this assignment, research the Internet or Strayer databases and identify an organization that was involved in corporate fraud. Help with a paper in which you: Based on

1. A financial asset has independent daily log-returns P1, 12, 13, ... with mean Hd = 0.0001 and variance oa = 0.0004. We wish to model the intra-day movements of the price S(t) over the course of a 6-hour trading day. We use two models, in which the log-returns follow (i) a binomial model in which the time step is 10 minutes, and (ii) a Brownian
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1. The table below contains information extracted from the 30 June 2019 balance sheets of several companies. Solve the missing dollar amount for each company. Company 1 $3,000,000 $1,000,000 Company 4 Increased $2,000,000 Assets Liabilities Shareholder equity ? Company 2 Company 3 $9,000,000 ? $4,000,000 $5,200,000 $3,000,000 Company5 Decreased
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PART 1: CLOSING ENTRIES FOR A MERCHANDISER: 10 POINTS An adjusted trial balance for a merchandiser is given below. Credit Debit $12,600 2,400 800 30,000 $4,200 1,000 800 10,000 3,800 Cash Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Tax Payable Notes Payable Patel, Capital Patel, Withdrawals Sales
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Beyer Company is considering the purchase of an asset for $200,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Assume that Beyer requires a 9% return on its investments. (FV of $1, PV of $1, FVA of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Year 1 Year 2

Brookwood Pines Hospital Balance Sheet (in thousands) Selected amounts from BPH's income statements for the years ending June 30 , 2026 and 2025 are presented here. BPH provides medically necessary care to patients, regardless of th ability to pay. Both uninsured and underinsured patients are offered discounts of up to 100% of charges based on
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Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5.000, and $60,000 of drafting equipment to b. The company purchased land worth $49,000 for an office by paying $6.300 cash and signing a long-term note payable for $42,700. c. The
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Ejercicio 12-3 (ensayo) Joni Hyde Inc. tiene los siguientes montos informados en su libro mayor al final del ao en curso. Costes de organizacin $24,000 Marcas registradas 15,000 Descuento en bonos por pagar 35,000 Depsitos con la agencia de publicidad para anuncios para promover la buena voluntad de la empresa 10,000 Exceso del costo sobre el

Data analytics is the next frontier in accounting. While data analytics can be simple, today the term is most often used to describe the analysis of large volumes of data and/or high-velocity data, which presents unique computational and data-handling challenges. Certified public accountants (CPAs) are constantly using data analytics in daily

Balance sheet as at 31st December 2010 Date 2010 1.1 Amount Shs 75,000 150,000 1.1 25,000 25,000 Receipts and Payments Account as at 31 Dec 2010 Details Amount Date Details Shs 2010 Cash in hand 10,000 Grounds man wages Balance at bank 283,000 Purchase of mowing machine Donations and 260,000 Rent of grounds Subscriptions Receipts from tea party
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Instructions Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $31.790 $26,140 Inventory 17,310 15,380 Accounts payable 16.750 14,210 Dividends payable 51,830 47,070 Adjust net income of $201,050 for changes in operating assets and liabilities to
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From the following details from Koo Nimo T-Shirt Company prepare the Budgeted Income Statement showing The Gross Margin; Operating Income; Income before income taxes and the Net Income: When the company Sales at end of the year was $57,000 and the cost of goods sold was $39,617. The company incurred $8,650 in selling and administrative expenses
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ive been stuck with this question for over an hour i already went over my notes but i cant seem to understand what theyre asking exactly. Exercise 3-7 Analyzing and preparing adjusting entries LO P5 Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are
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3) Given the following , please calculate the Retained Earnings Balance as of 12/31/07: * Retained Earnings as of 12/31/10 of $450M * Dividends in '10 of $175M * Income in '08 of $50M * Income in '09 of $100M * Dividends in '09 of $75M * Loss in '10 of $250M * Dividends in '08 of $25M

Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,500 pounds) has the following standards The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows A. Determine the standard unit materials
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Please read and read again the requirement before answering it 1-Search theEDGAR databaseto find a 10-K that reports a contingent liability. Write a paragraph summarizing one of the liabilities found in the financial statements. Did the company disclose the liability in the footnotes only, or did it recognize the liability in the financial

journal entries please..... ASAP Requisitioned $2,482.54 of indirect materials and factory supplies to eh used in the manufacture of all jobs currently in process. (Materials Requisition N. 1680). 9. Paid Anabella Henriquez County Tax Collector, $12,642.00 for property taxes accrued as of December 31. 9. Purchased from GT Matrix Corporation

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 98,200 Accounts payable $ 257,500 Inventory 547,800 Kendra, Capital 77,700

Use the following information for the Problems below. Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable
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A division is considering the acquisition of a new asset that will cost $2,940,000 and have a cash flow of $770,000 per year for each of the four years of its life. Depreciation is computed on a straight-line basis with no salvage value. Ignore taxes. Required: a. & b. What is the ROI for each year of the asset's life if the division uses

Required information (The following information applies to the questions displayed below.) Orbital Industries of Canada, Inc. manufactures a variety of materials and equipment for the aerospace industry. A team of R&D engineers in the firm's Winnipeg plant has developed a new material that will be useful for a variety of purposes in orbiting
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Chapter 9 In-Class Case Use the information from Problem 9-20 on page 441 of your textbook for FAB Corporation to complete the following requirements. Required: 1. Prepare the planning budget for March 2. Prepare the flexible budget at the end of March 3. Calculate activity variances. 4. Calculate spending variances. PROBLEM 9-20 Activity and
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Hitzu Company sold a copier (that costs $4,500) for $9,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day.

Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for Boeing follows. The components of income before tax were: Income tax expense/(benefit) consisted of the following: a. What is the amount of income tax expense reported by Boeing each year? b. What percentage of total tax expense is
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The following information is available for Vaughn's Chocolates: (a) Calculate the direct materials price and quantity variances
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Brief Exercise 15-9 Marin Corporation has outstanding 19,000 shares of $5 par value common stock. On August 1, 2017, Marin reacquired 190 shares at $78 per share. On November 1, Marin reissued the 190 shares at $69 per share. Marin had no previous treasury stock transactions Prepare Marin's journal entries to record these transactions using the
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Problema 11-18A Anlisis bsico del valor actual neto [OA11-2] A la empresa Sweetwater Candy Company le gustara comprar una nueva mquina que "mojara" chocolates automticamente. La operacin de inmersin se realiza actualmente en gran parte a mano. La mquina que la compaa est considerando cuesta $150,000. El fabricante estima que la mquina se podr

To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2014, the company loaned $91,000 to a new tenant on a one-year note with a stated annual interest rate of 9 percent. Interest is to be received by Marketplace

1. Sean's salary is $4,000 every two weeks. His employer provides health insurance which costs the employer $500 and Sean $50 every pay. Sean is in the 25% income tax bracket and is subject to FICA taxes (7.65\%). How much will Sean receive from his employer for his first paycheck? $ 2. The corporation borrowed $100,000 at 6% interest for 9 months
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Problem 13-2A The comparative statements of Sheridan Company are presented here: SHERIDAN COMPANY Income Statements For the Years Ended December 31 2019 2018 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,897,840 $1,757,800 1,013,300 744,500 486,300 258,200
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Overhead applied to regular activity costing is: Boswell Company manufactures two products, Regular and Supreme. Boswell's costs consist of machining, $3,000,000; and assembling, $1, 500,000. Information on the two products is
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Please help me work through this problem. Thank you. Alice and Bruce are planning some significant changes for 2022 . They have provided you with the following information and asked you to project their taxable income and tax liability for 2022. Assume that the Byrds will itemize their deductions next year. - The Byrds will invest the $1,600,000
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Explain why Net Income does NOT change when a specific customer's account is written off the books as uncollectible.

What is a purchase price reduction? a) When the buyer and seller agree to reduce the purchase price of real property after agreeing on price terms, but before the sale is closed. b) When an inslovent buyer receives credit from a seller for the purchase of property, and the seller later reduces the purchase price and relieves the buyer of some of

LO3 LO4 Determining Adjusting Entries, Posting to T Accounts, and Preparing an Adjusted Trial Balance P 3. The trial balance for Prima Consultants Company on December 31, 2010, appears below. The following information is also available: a. Ending inventory of office supplies, $97 b. Prepaid rent expired, $500 c. Depreciation of office equipment

Toyota Company is an Auto manufacturer that produces 20,000 units of car stereo annually for use in Toyota Lexus production. The expected annual production cost of the car stereo is summarized as follows: Variable costs: Direct materials $100,000 Direct labor 190,000 Power and water 35,000 Fixed costs: Heating and light 20,000 Depreciation 100,000
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A&E 3 Key figures for Samsung follow (in $ millions). Required: 1. Compute common-size percents for Samsung using the data given. 2. What is Samsung's gross margin ratio on sales? 3. Does Samsung's gross margin ratio outperform or underperform the industry average of 25% ? Complete this question by entering your answers in the tabs below. Compute
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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $ 9 3 7 . Selected data for the company's operations last year follow: 0 1 5 , 0 0 0 1 2 , 0 0 0 3 , 0 0 0 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct

Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: (h) $ 3,960 Ending
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The human resources department needs to forecast the number of workmen's compensation claims. The data for several months is supplied below. Be careful since the data is listed beginning with the most recent. The forecasting method to be used here is the 3 month weighted moving average adjusting for seasonality where the weights, starting with the

Stuck on this problem for awhile and would appreciate any help: Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 8 microns per toy at $0.34 per micron Direct labor: 1.3 hours per toy at

)At the beginning of June, Chow Company has a balance in inventory of $2,100. The following transactions occur during the month of June. June 2 Purchase radios on account from Air One for $2,400, terms 3/15, n/45 June 4 Pay freight charges related to the June 2 purchase from Air One, $400. June 8 Return defective radios to Air One and receive
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A manufacturing firm is looking to invest in new equipment. Options A and B have a known initial cost and a known savings each year of the analysis period as shown in the table below. Option C has a known initial cost, but an unknown uniform annual savings. Using an MARR of 7%, determine the required uniform annual savings for Option 3, if Option

Could someone please help me out with these questions: 1. As a tax preparer you work with a client named Mary on her 2016 tax return and there are no issues. However, during that process you realize Mary was due a refund in 2015 but did not file a return. Which of the following statements applies to Mary with respect to her 2015 refund? a) Mary

Zuwaina committed a suicide. She left a letter which became a trending topic on Twitter. Zuwaina highlighted her views and beliefs about life and death and accusing the world for being unjust. Many people disagreed with her views and claimed that if she had strong religious beliefs, she could drop the suicide idea because Religion explains
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(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York
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To be useful, financial information must be relevant and faithfully represent a business's economic activities. This requires ethics, beliefs that help us differentiate right from wrong, in the application of underlying accounting concepts or principles. These underlying accounting concepts or principles are known as generally accepted accounting
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Direct materials, direct labor and manufacturing overhead budgets: Madden, Inc. manufactures widgets and projects production at 500, 570, 300, and 450 widgets for the next four quarters. Direct materials are $10 per widget. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials
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Cohen Company produces and sells socks. Varlable cost is $6 per pair, and fixed costs for the year total $75,000. The seling price is $10 per pair: Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $40,000. 4. Calculate the sales
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Use the basic information above and adjust it for each of the following proposals. Treat each alternative independently. Determine the impact on the basic model of each of the alternatives. In addition calculate 1) Break-even point in units; 2) Break-Even Sales; 3) the Margin of Safety; and the Degree of operating leverage. 1.Product quality could
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recording transactions Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,300} assume a perpetual inventory Apri1 1 Borrowed $614,000 from summit Bank for general use wigned a 10-month, 128 annual interest-bearing
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please I need help $ 27,000 14,000 92,000 47,000 49,970 Cash Accounts Receivable Inventory Equipment Accounts Payables Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Total Expenses (excluding income taxes) Income taxes expense (at 30% of pretax
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Purpose This assignment is intended to help you learn to do the following: Select long-term care products for clients. Explain the sources of coverage for long-term care insurance. Overview Long-term care (LTC) impacts issues ranging from family lifestyles to workplace productivity. The state of Ohio recently became a partnership state and has

Play Now Sports started the year with an inventory balance of playsets of 1,000 that were valued at $500 each. The following transactions took place in 2022. Complete the attached table using the LIFO for inventory valuation. (5 MARKS) What is the cost of goods sold for the year? (1 MARK) What is the $ amount of purchases for the year? (1 MARK)

Paragraph The records of Entrada Company show the following information as of December 31, 201X: Cash Accounts receivable Supplies Equipment Accounts payable Common Stock Retained eamings at beg of year 201x Dividends Service revenue Rental revenue Salaries expense Utilities expense Insurance expense Rent expense Taxes expense $11,000 8,000 5,000
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Question 3. Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities + Com Stk + Beg. R/E + Revenues Expenses Dividends 1. $196,000=$85,000+$80,000+$16,000+$60,000$25,000x 2. $148,000=x+$75,000+$56,000+$45,000$36,000$28,000 3. $240,000=$115,000+$62,000+$45,000+$72,000X=$30,000
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Question 2 Casio Robotic Manufacturing purchased an item of plant. The details are as follows: RM List price 1,200,000 Trade discount 10% Shipping and handling 16,000 Pre-production testing 25,000 Maintenance for four years 60,000 Site installation 70,000 Casio had settled the amount due to the vendor within the credit period and obtained a 2%

In May of 2024, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2024, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable. The additional penalties were estimated to be $762,000 but could be as high as $1,154,000. After the year-end, but before the
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Question 6 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) 1st Quarter 11,500 2nd Quarter 12,500 3rd Quarter 14,500 4th Quarter 13,500 Budgeted unit sales The selling price of the company's product is $14 per unit. Management expects to collect 75% of sales in
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Audit Report Modifications Complete problem below. List a represents the types of opinions the auditor ordinarily would issue and List B represents the report modifications [if any] that would be necessary. Select as the best answer for each situation [items 1 to 6] the type of opinion and modifications, if any, the auditor would normally select.

In formation for 37,38 and 39. Vintage Car Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. *( i know the answer, i want to know how you get to those answers) thx! Income (loss) Tax Rate 2015 $40,000 40% 2016 $63,000 40% 2017 36,000 30% 2018 (179,000) 35% 2019 85,000 40% 2020

ABC Pty Ltd produces turbines used in the production of hydro-electric generating equipment. The turbines are sold to various engineering companies that produce hydro-powered generators in Australia. Details of the operations for the coming four months are provided in the attached excel spread sheet. Other information: The company plans to
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The plan of reorganizing for Taylor Companies. Inc., was approved by the court, stockholders, and creditors on December 31, 20X1. The plan calls for a general restructuring of all of Taylor's debt. The company's liability and capital accounts on December 31, 20X1, are as follows: $ 31,200 Accounts Payable (postpetition) Liabilities Subject to
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Two Books paid weekly as follows: Accounting Services has three employees who, in 2018, ane Page 6 Philo Kvetch M Bezzle Dicky Debit 4,300.00 2,200.00 400.00 The company is responsible for the following payroll taxes: Rate 6.20% 1.45% 0.60% 4.50% 0.126% 0.500% Social security Medicare S 128,400 Max earnings State unemployment Family leave
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Over the past 10 years, Diana has slowly built a diversified portfolio of common stock. Currently her portfolio includes 20 different common stock issues and has a total market value of RM82,500. Diana is at present considering the addition of 50 shares of common stock issue-stock X. To assess the return and risk of the issuance, she has gathered
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a. Which of the following accounts would not appear on a conventional balance sheet? 1. Account receivable 2. Accounts payable 3. Patents 4. Gain from sale of land 5. Common stock

----------------------- A plant asset was purchased on January 1 for $66000 with an estimated salvage value of $10000 at the end of its useful life. The current year's Depreciation Expense is $5000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $20000. The remaining useful
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On December 1,2023 , Green, Inc. purchased 8% of Purple Co.'s voting common stock for $150,000. On December 31,2023 , Purple's net income for 2023 was $150,000, and the market value of Green's investment in Purple's common stock was $125,000. Accordingly, Green recognized the following in its records for Purpletat year-end: A) A realized loss on
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Presented below are a number of accounting procedures and practices at Ramirez Corp For each of these items, list the assumption, principle, quality, or modifying convention that is violated. 1. Because the company's income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year. 2. The president of
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Question 5 How Did I Do? PM.65 The US government has contracted with Raytheon to build its new Peacekeeper 2 ballistic missile. The project has been laid out with durations (in weeks), predecessors, and costs included: Activity Normal Time (weeks) Crashed Time (weeks) Normal Cost Crashed Cost Predecessor(s) A 7 5 $3,600 $4,200 - B 5 4 $2,200

Exercise 3-5 (Part Level Submission) Three years ago, Marissa Moore started a business that creates and delivers holiday and birthday gift baskets to students at the local university. Marissa sells the baskets for $25 each, and her variable costs are $15 per basket. She incurs $13,800 in fixed costs each year. (a) How many baskets will Marissa
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JOB-ORDER COSTING. The Corrs Company uses normal costing to assign costs in its job-order costing system. The company began operations on December 1, 2007. The company assigns overhead to jobs using direct labor cost. Only 2 jobs were worked on during December. Job A was assigned total product costs of $60,000, of which $16,000 was for direct
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Problem 7-19 Variable Costing Income Statement; Reconciliation (LO7-2, L07-3] During Heaton Company's first two years of operations, it reported absorption costing net operating income as folk Year 1 Year 2 Sales (@ $61 per unit) $ 1,098,000 $ 1,708,000 Cost of goods sold (@$40 per unit) 720,000 1,120,000 Gross margin 378,000 588,000 Selling and
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This information relates to Sarasota Real Estate Agency. Oct. 1 Stockholders invest $30,500 in exchange for common stock of the corporation. 2 Hires ariadministrative assistant at an annual salary of $31,680. 3 Buys office furniture for $3,750, on account. 6 Sells a house and lot for E.C. Roads; commissions due from Roads, $10,140 (not paid by
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1. What raw materials cost would be included in the company's flexible budget for March? 2. what is the materials quantity variance for March? (indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "none" for no effect) 3. What is the price materials variance for March 4. what direct labor cost would be
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On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $14,400. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice o Debit Interest Payable, $528; credit Interest Expense, $528. Debit interest Expense, $264 credit Interest Payable, $264 Deon Debit
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14. This year William provided $7,200 of services to a large client on credit. Unfortunately, this client has recently encountered financial difficulties and has been unable to pay William for the services. Moreover, William does not expect to collect for his services. William has written off the account and would like to claim a deduction for tax

Exercise 5-7 Presented below are selected accounts of Sage Company at December 31, 2017. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash (not including restricted cash) Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 62,000 Cost of Goods Sold 96,200 Notes Receivable
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Top executive officers of Baird Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Current Year $ 2,300,000 1,725,000 575,000 Selling & administrative expenses 304,000 $ 271,000 Sales revenue Cost of goods sold Gross profit Net income Cost of
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also, please explain why it is classified like that 5 Classify the type of following transactions (deferred expense, deferred revenue, accrued expense and accrued revenue) A. Paid six months of rent, $4,800 B. Received $1,200 from customer for six-month service contract that began 10 days ago C. Purchased $300 of office supplies on account D. Work
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On October 1, the firm of Ewing, Johnson, and Landry, decided to liquidate their partnership. The partners have capital balances of $100,000, $90,000, and $30,000 respectively. The cash balance is $20,000, the book values of noncash assets total $250,000 and liabilities total $50,000. The partners share income and losses in the ratio 2:2:1.
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