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Accounting Questions and Answers October 08, 2022

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Taxes are levied by multiplying a tax rate by a tax base (the rate of tax by the amount taxed). Now that you have studied some of the rates and bases for income tax etc., think carefully about the following definitions. Progressive: The tax rate increases as the tax base increases. Proportional: The tax rate remains the same regardless of the tax

Dawson Company manufactures small table lamps and desk lamps. The following shows the activities per product and the total overhead information Units Setups Inspections Assembly (dih) Small table lamps 4,500 3,900 Desk lamps 7,100 7,800 8,250 13,750 45,600 45,600 Activity Total ActivityBase Usage Budgeted Activity Cost. Setups 11,700 126,360
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Os 3 Chapter HiCan Exam 1Chapters 14) 6 A debit is used to record which of the following 2 Mutiple Choice esc A decrease in an asset account An increase in a revenue account. ezto.mheducation.com MExam 1Chapters 14Ce An increase in a aby count A decrease to an untamed venue account 9 1 2 Q
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An unfavorable variance occurs when O actual costs are less than standard costs O actual costs are the same as standard costs standard costs are less than actual costs O actual costs are less than static costs
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Fixed Asset Turnover Ratio Amazon.com, Inc. is the worlds leading Internet retailer of merchandise and media. Amazon also designs and sells electronic products, such as ereaders. Netflix, Inc. is the worlds leading Internet television network. Both companies compete in the digital media and streaming space. However, Netflix is more narrowly
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15. Vodacom SA has a dividend payout ratio of 70. The personal tax rate on dividend income is 20, and the personal tax rate on capital gains is 11. TC (Corporate tax rate) 28 and TP Personal tax rate on interest income 22 Calculate the relative tax advantage of debt with personal and corporate taxes. a. 1.31 b. 1.28 c. 0.78 d. 0.60 e. 0.17
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On June 30, 2021, Prego Equipment purchased a precision laserguided steel punch that has an expected capacity of 314,000 units and no residual value. The cost of the machine was 502,400 and is to be depreciated using the unitsofproduction method. During the six months of 2021, 38,000 units of product were produced. At the beginning of 2022,
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As we have learned throughout this course, inventory management is critical to the success of an organization. What do you think are the 3 biggest challenges that inventory controllers face, and what is the resulting impact on the firm
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Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous months balance. (Round dollars to the nearest cent.) Previous Monthly Periodic Annual Percentage Balance Rate (APR) Rate (as a ) 1,023.61 1.25 A Finance Charge (in ) Purchases and Cash Payments and Advances Credits 322.20 400.00 A
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Loper Corporation incurred the following costs while manufacturing its product Materials used in product 130,000 Depreciation on plant Property taxes on stire 64300 7600 Delivery Adverthing expe Property San 46,300 20000 26.800 Labor costs of assently work 120.900 Salo 39.300 32,600 Salaries paid to sales des 54900 Work in process invertory
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Maria Am Corporation uses the weightedaverage method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was 4,850, the cost of ending work in process inventory was 1,160, and the cost added
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At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at 16 per unit Transactions Units Amount Inventory, January 1 500 2,365 Purchase, January 12 Purchase, January 26 600 3,600 160 1,280 Sale Sale (370) (250) Required 1. Assuming the use of a periodic inventory system,
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An automated turning machine is the current constraint at Alba Industries. Three products currently use this machine and data for each product is below. Prod. A Selling price per unit Variable cost per unit 124.00 95.20 Minutes on the machine (constraint) 2.40 Which product should be emphasized first Prod. B Prod. C 307.80 399.90 225.00 285.10
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Ashley (a single taxpayer) is the owner of ABC LLC. The LLC (a sole proprietorship) generates QBI of 900,000 and is not a specified services business. ABC paid total W2 wages of 300,000, and the total unadjusted basis of qualified property held by ABC is 30,000. Ashleys taxable income before the QBI deduction is 740,000 (this is also her modified
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Sanchez Company engaged in the following transactions during Year 1 Started the business by issuing 14,300 of common stock for cash. The company paid cash to purchase 8,500 of inventory. The company sold inventory that cost 5,900 for 12,400 cash. Operating expenses incurred and paid during the year, 5,400. Sanchez Company engaged in the following
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29 10 points Skipped Major Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of 126,000. The equipment will have an initial cost of 643,000 and have an 8 year life. The equipment has no salvage value. The hurdle rate is 8. Ignore income taxes. (Future
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Support department cost allocationreciprocal services method Davis Snowflake Co. produces Christmas stockings in its Cutting and Sewing departments. The Maintenance and Security departments support the production of the stockings. Costs from the Maintenance Department are allocated based on machine hours, and costs from the Security Department
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Question 25 (6 points) Sally Corporation manufactured 10,000 golf bags during April. The following fixed overhead data pertain to March Production Machinehours Actual Static Budget 20,000 units 20,500 units 5,100 hours 6,150 hours 258,300 Fixed overhead cost for March 250,000 What is the amount of fixed overhead spending variance a) 8,300
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During September, the capital expenditure budget indicates a 400000 purchase of equipment. The ending September cash balance from operations is budgeted to be 56000. The company wants to maintain a minimum cash balance of 25000. What is the minimum cash loan that must be planned to be borrowed from the bank during September 425000 344000 Q Mu Qu
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ABC decides to invest 300,000. The deal they strike is as follows 1. They are allowed to invest 13rd of their money on the first day of the deal (time 0), and the balance 2 years later. 2. However, due to the delayed investment, they wont get any revenue until year 2 at which time they will get 70,000, 60,000, 50,000 and 70,000 for each of years 2
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How much would you need to deposit in an account each month in order to have 30,000 in the account in 9 years Assume the account earns 5 interest.
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Haydn Company has evaluated its tax return and has identified an uncertain tax position for a deduction in the amount of 500. The company has consulted a tax attorney, who believes that there is a 40 chance that the position will be upheld in court, but that some amount will be allowed in a settlement. The attomey expressed the opinion that the
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Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous months balance, and the annual percentage rate is 21. Complete the account activity table for Kathy. Month Previous Months Balance Finance Purchases New Balance Payments Charge (in ) and Cash End of Month and Credits Advances (in ) March 760.00 125.97
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Support department cost allocationdirect method Becker Tabletops has two support departments (Janitorial and Cafeteria) and two production departments (Cutting and Assembly). Relevant details for these departments are as follows Support Department Cost Driver Janitorial Department Cafeteria Department Department costs Square feet Number of
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Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation 1. Earned 1,600 of cash revenue. 2. Borrowed 2,800 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a
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Free Flight Corporation, located in Denver, Colorado, produces bicycle accessories, including bicycle helmets which requires a rigid. crushable foam. During the quarter ending June 30, the company manufactured 3,900 helmets, using 2,262 kilograms of foam. The foam cost the company 17,191. According to the standard cost card, each helmet should
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At the beginning of the current period, Newman Corporation had balances in Accounts Receivable of 201,100 and in Allowance for Doubtful Accounts of 9,900 (credit). During the period, Newman had credit sales of 805,800 and collections on account of 769,300. Newman uses a perpetual inventory system and determined that the cost of goods sold during
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Excerpts from Hulkster Companys December 31, 2021 and 2020, financial statements are presented below 2021 Accounts receivable 64,000 2020 48,000 Merchandise inventory 40,000 59,000 Net sales 235,200 229,000 Cost of goods sold Total assets Net income 138,000 120,000 449,000 417,000 Total shareholders equity 264,000 237,000 50,500 40,000 Ac Graw
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Credit terms are terms for Oa. when payments for merchandise are to be made with cash. O b. when inventory is purchased. O c. when the returns of merchandise are to be made. Od. when the payments for merchandise are to be made.
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2. Departmental Rates Nabors Company gathers the following departmental data for a second year. Two types of stereo units are produced deluxe and regular. Fabrication Assembly Budgeted overhead 120,000 60,000 Expected and actual usage (direct labor hours) Deluxe 3,000 2.000 Regular 3,000 43,000 6.000 45,000 Fabrication Assembly Expected and actual
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Delta Company produces a single product. The cost of producing and selling a single unit of this product at the companys normal activity level of 100,800 units per year is Direct materials Direct labor Variable manufacturing overhead 1.60 4.00 0.70 Fixed manufacturing overhead Variable selling and administrative expenses 5.15 1.80 Fixed
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Coffee Bean Incorporated (CBI) processes and distributes highquality coffee. CBI buys coffee beans from around the world and roasts, blends, and packages them for resale. Currently, the firm offers 2 coffees to gourmet shops in 1pound bags. The major cost is direct materials however, a substantial amount of factory overhead is incurred in the
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Note Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in ) for the following installment loan. A A Purchase (Cash) Price Down Payment Amount Financed Monthly Number of Payment Finance Total Deferred Payments Charge Payment Price 3,400 20 247.00 12
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Support Department Cost AllocationDirect Method Christmas Timber, Inc., produces Christmas trees. The trees are produced through a cutting and pruning process. Machine maintenance and janitorial labors are performed throughout the production process by nonproduction employees. Maintenance and janitorial costs are allocated based on machine hours
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Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. November 5 Purchased 600 units of product at a cost of 10 per unit. Terms of the sale are 210, n60 the invoice is dated November 5. November 7 Returned 25 defective units from
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Question 9 (5 points) The Beaker Division recorded operating data as follows for the past year Sales Operating income Average operating assets Shareholders equity Residual income Required 1. Calculate the margin. (1 mark) 2. Calculate the turnover. (1 mark) 200,000 25,000 100,000 80,000 13,000 3. Calculate the return on investment. (1 mark) 4. For
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Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable 25,000 2,000 Land 15,000 Merchandise inventory 7,000 Accounts payable 5,000 Cash 8,000 Notes payable (due in 7 years) 30,000 Office supplies 0. Water, Capital 1,000 16,000 Wages payable Accumulated DepreciationBuildings 3,000 4,000
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Cook Security Systems has a 37,500 line of credit, which charges an annual percentage rate of prime rate plus 4. The starting balance on October 1 was 9,700. On October 4 they made a payment of 1,600. On October 13 the business borrowed 2,700, and on October 19 they borrowed 4,800. If the current prime rate is 6, what is the new balance (in )
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From the following trial balance and adjustment data, complete a worksheet for J. Torn as of July 31, 201X (Click the icon to view the adjustment data.) (Click the icon to view the unadjusted trial balance.)
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Dodson Corp. has the following normal account balances on December 31, 20X1, before any adjustment for bad debts Accounts Receivable, 400,000 Allowance for Uncollectible Accounts, 8,000 (credit balance) Bad Debt Expense, 0 On December 31, Dodson estimates uncollectible accounts to be 3.5 of its total accounts receivables balance. Required Prepare
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View Policies Current Attempt in Progress Windsor Company reported the following balances at December 31, 2019 common stock 525,000 paidin capital in excess of par value 135,000 retained earnings 250,000. During 2020, the following transactions affected stockholders equity. 1. Issued preferred stock with a par value of 142,000 for 218,000. 2.
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Question 1 of 16 View Policies Current Attempt in Progress Chow Industries projected sales budget for the next four months is as follows Units January 72.600 February 93.000 March 59.300 April 66,600 2 1 Beginning inventory for the year is 22.500 units. Beginning inventory for each month should be 24 of the current months sales. How many units
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Question 8 (10 points) Younger Company has the following materials and labour standards established for a particular product Standard quantity per unit of output Standard price Standard labour hours per unit of output Standard labour rate 1.7 metres 19.80 per metre 2.0 hours 12.10 per hour The following data pertain to operations concerning the
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3. Match the ratio with its type of ratio.CH11(3) A. Profitability Quick Ratio B. Solvency Operating Margin C. Liquidity Debt Service Coverage Ratio 7. Common Sizing is also known asCH13 A. Forecasting B. Capacity Level C. Patient Mix D. Vertical Analysis English finited Stated (3) I
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Exercise 48 (Algo) Computing ABC Product Costs LO42, LO43 The following information applies to the questions displayed below. Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow Rims Posts Direct Labor Hours per unit 0.40 0.80 Annual Production. 18,000 units 76,000 units Additional
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The Problems 1. Designing the Best Gutter Your friend Eric works for a company in Seattle that produces rain gutters. A natural design is to start with a long flat sheet of galvanized steel, and then bend the sides up as shown below. The sheet has a constant width w. Eric has been tasked with optimizing this design, and would like your help. w2x 0
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Net Present Value Method and Present Value Index Diamond and Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 190 baseballs per hour to sewing 342 per hour. The contribution margin per unit is 0.52 per baseball. Assume that any increased production of baseballs can be sold.
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Additional information 159,420 159,420 1. Stock as at 30 June 2014 is RM2,270. 2. Mr John, one of the debtors is declared bankrupt and the amount owed by him of RM100 is treated as bad debt. 3. 4. The allowance for doubtful debt for the current year is calculated at 10 on net debtors. Drawings of goods RM300 from the owner has not been recorded in
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Required information Use the following information for the Exercises below. (Algo) The following information applies to the questions displayed below. Hart Company made 3,120 shelves using 22,120 pounds of wood costing 280,924. The companys direct materials standards for one shelf are 8 pounds of wood at 12.60 per pound. Exercise 2313 (Algo)
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Casas Modernas of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Rafael Jiminez, Casas owner, is considering replacing the draftsmen with a computerized drafting system. However, before making the change, Rafael would like to know the consequences of the
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Required information The following information applies to the questions displayed below. Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her AGI. However, she wasnt sure how to compute the rest of her
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The following information relate to ABC company Purchases Selling and Administrative Expenses Shs. 130,000 30,000 Merchandise inventory, 112020 20,000 Merchandise inventory, 12312020 25,000 Sales Revenue 200,000 Select one What is the gross profit ratio in percentage for 2020 A. 37.5 B. 35.7 C. 35.7 D. 62.5
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MY Autobodys adjusted trial balance on December 31, 2023, appears in the work sheet as follows No. Account 101 Cash Debit 27,700 Credit 124 Shop supplies 1,650 128 Prepaid insurance 3,900 167 Equipment 86,500 168 Accumulated depreciation, equipment 7,200 201 Accounts payable 18,700 210 Wages payable 8,560 301 Mike Yang, capital 137,000 302 Mike
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Intro Creminy, Inc. has revenue of 89,000, costs of 44,500, depreciation of 13,000, and interest expenses of 5,000. The average tax rate is 0.34. The balance sheet shows current assets of 23,000, current liabilities of 20,000 and net fixed assets of 94,000 for the most recent year, and current assets of 18,000, current liabilities of 14,000 and
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Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells highquality camping tents. The company began operations on January 1 and operated at 100 of capacity (56,100 units) during the first month, creating an ending inventory of 5,100 units. During February, the company produced 51,000 units
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2. Assume that OfficeMart places orders more frequently, but everything else remains the same. On your worksheet increase the number of orders from 4 to 20. (Prior to completing this requirement, change all worksheet figures back to their original amounts.) A 1 Chapter 5 Applying Excel 2 3 Data B C 4 Manufacturing overhead 500,000 5 Selling and
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Case 7.37 LO 77, 78 Analysis of longterm debt Assume that Home and Office City Inc. provided the following comparative data concerning longterm debt in the notes to its 2023 annual report (amounts in millions) Page 273 34 Convertible Subordinated Notes, due October 1, 2024 converted into shares of common stock of the Company at a conversion price
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Requirement For each of the independent scenarios (a) through (d), indicate in the following table the effect of the accounting errors on the books of Wrong Way Inc. Specifically, identify the amount and direction of over or understatement of inventory and income for Year 1 and Year 2. If an account requires no adjustment, indicate that the
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1 2 3 A H 30Sep Tom knew that accounting was based on accruals and some adjustments were needed at the end of September. The following information is provided to prepare the adjusting entries at the end of September 2015. 1 Recognize the rent expense for the month of September 2 Cleaning equipment is depreciated for 5 years. The salvage value is
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Required information Problem 1125A (Algo) Effects of operating leverage on profitability LO 111, 112 The following information applies to the questions displayed below. Munoz Training Services (MTS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients offices on the
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04 Practice Problems (Mandatory Homework) Saved At the beginning of Year 2, the Redd Company had the following balances in its accounts. Cash Inventory Land Common stock Retained earnings 15,300 7,500 3,600 14,000 12,400 During Year 2, the company experienced the following events 1. Purchased inventory that cost 12,800 on account from Ross Company
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Sunland Companys inventory records show the following data Units Unit Cost Inventory January 1 9500 9.20 Purchases June 18 8600 8.00 November 8 6100 6.00 A physical inventory on December 31 shows 3900 units on hand. Sunland sells the units for 12 each. The company has an effective tax rate of 20. Sunland uses the periodic inventory method. What is
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Chapter 10 Homework Question 3 of 10 Show Attempt History 010 Current Attempt in Progress Pronghorn Taxi Service uses the unitsofactivity method in computing depreciation on its taxicabs. Each cab is expected to be driven 152,000 miles. Taxi no. 10 cost 40,100 and is expected to have a salvage value of 2,100. Taxi no. 10 is driven 35,600 miles
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The following table shows the effects of five transactions 1 through 5 on the assets, liabilities, and equity of Mulans Boutique. Match the given transaction with its probable description. Accounts Cash 21,000 1. 1,000 2. 4,000 3. 2,000 Receivable e 0 0 Assets Office Supplies Land 3,000 19,000 1,000 4,000 Liabilities Equity Accounts
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Rex, age 55, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2021. Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is 2,900 per year, and the additional cost for his dependents is 3,800 per year. The plan applies a 2,000 deductible, but his
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XYZ Corporation has the following selling price and cost for their standard umbrella Selling Price per Unit 70 Variable Costs per Unit 54 Total Fixed Costs 640,000 Tax Rate 30 Target AfterTax Income 280,000 Calculate the sales in units and dollars necessary to obtain the target after tax income. Show all of your work. Unsupported answers will not
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You have the following information for Waterway Inc. Waterway Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 90 per liter. March 3 Purchased 2,500 liters at a cost of 92 per liter. March 5 Sold 2,300 liters for 1.05 per liter. March 10 March 20 March 30 Purchased
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Ryan Ltd. sold equipment with a book value of 60,000 for a 5,000 loss, sold Ryan Ltd. common stock for 85,000, received repayment on a notes receivable for 150,000 (this amount included 15,000 of interest), paid dividends of 30,000, purchased treasury stock for 35,000, purchased a piece of equipment for 140,000 by paying 50,000 in cash and signing
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Martinez Companys ending inventory includes the following items. Product Units Cost per Unit Market per Unit Helmets 28 56 60 Bats Shoes 21 84 78 42 Uniforms 46 101 42 97 42 Compute the lower of cost or market for ending inventory applied separately to ea Per Unit Total LCM Applied Inventory Items Units Cost Market Cost Market to Items Helmets
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Current Attempt in Progress Coronado Inc. had beginning inventory of 19,200 at cost and 32,000 at retail. Net purchases were 190,000 at cost and 272,000 at retail. Net markups were 16,000, net markdowns were 11,200, and sales revenue was 235,200. Assume the price level increased from 100 at the beginning of the year to 115 at yearend. Compute
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Centric Sail Makers manufactures sails for sailboats. The company has the capacity to produce 36,000 sails per year and is currently producing and selling 30,000 sails per year. The following information relates to current production Sales price per unit 180 Variable costs per unit COGS 60 Selling and administrative 20 Total fixed costs COGS
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Required information The following information applies to the questions displayed below. Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units) Sales Variable expenses Contribution margin Fixed expenses Operating income 25,100
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Question 9. Not yet answered Marked out of 0.50 Flag question You want to purchase a new car, and you are willing to pay 30000. If you can invest at 10 per year and you currently have 12000, how long will it be before you have enough money to pay cash for the car O a 2 years O b. 6.5 years O c. 4 years O d. 9.61years Previous page Next page
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Myers, who is single, reports compensation income of 73,000 in 2021. He is an active participant in his employers qualified retirement plan. Myers contributes 6,000 to a traditional IRA. Click here to access Exhibit 11.2 Phaseout of IRA Deduction of an Active Participant. Of the 6,000 contribution, how much can Myers deduct
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One main assumption underlying the segmented markets theory is that O A. Bonds of different maturities are substitutes. B. All of the listed options are incorrect. OC. Markets for different maturity bonds are completely separate. O D. Markets for different maturity bonds are not completely separate.
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Finoble Budget for Selling and Administrative Expenses for a Service Company Digital Solutions Inc. uses flexible budgets that are based on the following data Sales commissions Advertising expense Miscelleneous administrative expense Office salaries expense Customer support expenses Research and development expense 15 of sales 18 of sales 7,000
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Required information The following information applies to the questions displayed below. Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of 68,300. Meg works part time at the same university. She earns 33,300 a year. The couple
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Current Attempt in Progress Vertical analysis (commonsize) percentages for Crane Companys sales revenue, cost of goods sold, and expenses are as follows. Vertical Analysis 2022 2021 2020 Sales revenue 100.0 100.0 100.0 Cost of goods sold 62.7 63.5 66.8 Expenses 24.2 27.5 28.3 (a1) Calculate Cranes net income as a percent of sales. (Round
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If a company had a contribution margin of 800000 and a contribution margin ratio of 40, total variable costs must have been O 2000000. O 480000. O 320000. 1200000.
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2. You are given the following data on Dec 31,2020 Accounts Receivable ending balance is 50,000. unadjusted balance of Allowance for Uncollectible Accounts is a debit of 300 the company estimates 5 of the accounts receivable will not be collected. The amount of bad debt expense recorded on December 31 will be a. 2,500 b. 2,800 c. 2,200 d. 2,000
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7 Question 32 (1 point) Listen Which is the most important factor contributing to customer loyalty OA) strong customer relationship management B) a strong customer pricing C) weak customer relationship management OD) a strong customer exchange Question 33 (1 point) Listen Activate Win
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Question1 Marks254100 Green Day Golf Distributors is a held golf distributing company that operates in the Midwest and handles several product lines, including shoes, clothing, and golf clubs. It sells directly to golf shops and does not sell to the big retailers. It has approximately 8 million in sales and wants to grow at about 20 per year for
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Mauro Products distributes a single product, a woven basket whose selling price is 18 per unit and whose variable expense is 16 per unit. The companys monthly fixed expense is 4,800. Required 1. Calculate the companys breakeven point in unit sales. 2. Calculate the companys breakeven point in dollar sales. (Do not round intermediate calculations.)
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XYZ Corporation has the following selling price and cost for their standard umbrella Selling Price per Unit 70 Variable Costs per Unit 54 Total Fixed Costs 48,000 Calculate the breakeven point in units and dollars. Show all of your work. Unsupported answers will not be graded. Enter your answers in the spaces provided below Unit Sales Dollar Sales
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Question 29 (1 point) Listen the benefits relative to The difference between a customers subjective assessments of the costs in determining a products worth is best described as which of the following A) exchange B) costbenefit analysis C) relationship marketing. OD) value Activat
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Highlands Company uses the weightedaverage method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below Work in process, June 1 Work in process, June 30 Started into production during June Percent Completed Labor and Tons of Pulp
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Koala Corporations 500 shares of outstanding stock are owned as follows (Click the icon to view the ownership data.) Requirement How many shares is Britt deemed to own under the Sec. 318 attribution rules (Complete all input fields enter a 0 for any zero amounts.) Name Britt VJL Partnership MAL Partnership Conifer Corporation Ginko Corporation
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Richland Crane (B). Richland Crane (US) exports heavy crane equipment to several Chinese dock facilities Sales are currently 10,000 units per year at the yuan equivalent of USD24,000 each. The Chinese yuan (CNY) has been trading at CNY8,20 USD1.00, but a Hong Kong advisory service predicts the renminbi will drop in value next week to CNY9.20
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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1 Inventory, December 31, prior year For the current year Units 2,000 Unit Cost 6 Purchase, March 21 Purchase, August 1 5,020 2,980 68 Inventory,
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Question 4 ege Lead Stuff Top Hat CSE At January 1, 2024, Betty DeRose, Inc. had an allowance for doubtful accounts with a 4,390 credit balance. During 2024, Betty recorded 9,560 of writeoffs and recorded 2,750 of recoveries of accounts receivable that had been written off in prior years. At December 31, 2024, Betty prepared the following aging
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3. Cards by Shannon expects sales of 50,000 in January, 75,000 in February, and 45,000 in March. Based upon past sales, the company predicts that 75 of sales will be collected in the month of sale and 25 will be collected in the month following the sale. The company also expects to incur the manufacturing expenses, excluding depreciation, of
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Woodfire Pizzeria is considering acquiring a new pizza oven. The pizza oven would cost 122,570, including installation and shippping. Woodfire estimated the new pizza oven would increase the companys cash inflows, net of expenses, by 34,000 per year. The pizza oven would have a fiveyear useful life and no salvage value. Click here to view Exhibit
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Blossom Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the Bladder Department for July 2022 are as follows. Production DataBasketballs Units Percent Complete Work
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The following information pertains to Crane Video Company. 1. Cash balance per bank, July 31, 7,373. 2. July bank service charge not recorded by the depositor 26. 3. The bank erroneously charged another companys 710 check against Crane account. 4. Cash balance per books, July 31, 8,794. 5. The bank charged Crane account 360 for a customers NSF
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The percentage of receivables method is based on the idea that some portion of the existing accounts receivable will not be collected. some portion of the credit sales will not lead to collections. some portion of the accounts payable will not be collected. none of the above
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Condensed statement of financial position and income statement data for Pronghorn Ltd. are shown below. You are required to calculate certain financial ratios. Round your final results to one decimal place. Assets PRONGHORN LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Current assets Cash 30 80 200 Accounts
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Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its book quarterly. Below are transactions that have not yet been recorded. Jan 1 Made cash sales of 75,000 before tax. HST is collected on all sales at a rate of 13. Jan 15 Signed a six month note for 12,000 to extend amounts owing on
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A family friend has asked your help in analyzing the operations of three anonymous companies operating in the same service sector industry. Supply the missing data in the table below (Loss amounts should be indicated by a minus sign. Round your percentage answers to nearest whole percent.) Sales Net operating income Average operating assets Return
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Custom Cabinetry has one job in process (Job 120) as of June 30 at that time, its job cost sheet reports direct materials of 6,700, direct labor of 3,600, and applied overhead of 2,880. Custom Cabinetry applies overhead at the rate of 80 of direct labor cost. During July, Job 120 is sold (on account) for 23,500, Job 121 is started and completed,
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Kylies Cookies is considering the purchase of a larger oven that will cost 2,200 and will increase her fixed costs by 30. What would happen if she purchased the new oven to realize the variable cost savings of 0.10 per cookie, and what would happen if she raised her price by just 0.20 She feels confident that such a small price increase will
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