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Gibson corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a mark up over cost of 25% were $420,000 in 2010 and $500,000 in 2011. A
Picayune Company estimates that ordering costs are $6.00 per order, picking costs are $4.50 per unique item ordered, packing costs are $0.075 per item, and return costs are $135.00 per return. A cus
When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the c
Bienvenu Enterprises reported cost of goods sold for 2010 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2010. Bienvenu later discovered that its ending inventories at December 31
Richard, a single taxpayer, has adjusted gross income of $40,450. His AGI includes $4,000 of qualified dividends. Richard has no dependents and does not itemize deductions. What is his 2008 federal
When indirect materials are requisitioned from the materials storeroom and placed in priduction, an entry is made crediting raw materials inventory and debiting:
The company's actual payroll cost amounted to $456,000. If the standard labor cost per hour is $19.20, what is the Newhart's labor rate variance ?
Jackson and Campbell have capital balances of $100,000 and $300,000 respectively. Jackson devotes full time and Campbell one-half time to the business. Determine the division of $120,000 of net inco
under APB opinion No. 25 what is the compensation expense to be recorded by Marr in total over the 5 year vesting period?
Which of the following should appear in consolidated financial statements?
As John reflected on the lunch meeting, he realized that he had some unanswered questions concerning operating assets.
Which of the following would an auditor most likely question included in calculation of the overhead rate for a company that manufactures a product?
What are the 2012 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?
Ignoring income taxes, what should be the expenses incurred by Barrell from this lease for the year ended December 31, 2008?
Assume that 2 years later the interest rate environment changes and rates increase to 10%. The bank now decides it would rather have $75,000 to lend out at 10% than a $100,000 loan on which it only
(a) Compute the basic earnings per share for 2007.(b) Compute the diluted earnings per share for 2007
The bank now decides it would rather have $75,000 to lend out at 10% than a $100,000 loan on which it only collects 7%. So, the bank notifies Debra that if she pays back $75,000 immediately, they w
The accounting principles and procedures that underlie an entity's external reports sometimes are modified for interim reporting purposes. Differences between the annual and interim reporting proced
In Xan's Year 2 statement of cash flows, net cash used in financing activities should be:
On January 1, Year 1, JIM Company purchased a machine for $550,000. It had a useful life of 10 years and no salvage value. The machine was depreciated by the straight-line method. On January 1, Year
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial st
On November 1, Prince Vacuum Company offered special early retirement benefits to those employees who were eligible. This program was in effect until year-end. Prince should recognize a liability an
Net periodic pension cost recognized by an employer sponsoring a defined benefit pension plan may include a gain or loss component. Gains and losses requiring amortization:
When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
In Metro's current year cash flow statement, the reported net cash provided by operating activities under the indirect method should be: