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The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows: Standard Costs Direct materials (per completed unit) 1.04 kilograms @$8.
Marc has purchased a new car for $15,000. He paid $2,500 as down payment and he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for two years charging 12
At the beginning of the period, the Cutting Department budgeted direct labor of $30,000 and supervisor salaries of $20,000 for 4,000 hours of production. The department actually completed 5,000 hour
Brooklyn and Bronx Corporations become an affiliated group at the beginning of the current year. Will the corporations obtain a greater charitable contribution deduction for the current year by fili
The expected cash disbursements during April for selling and administrative expenses would be:
Great Lake Inc.'s 2010 financial statements show operating profit before tax of $894,726, net income of $149,836, provision for income taxes of $41,328 thousand and net nonoperating expense before t
The confirmation of customers' accounts receivable rarely provides reliable evidence about the completeness assertion because :
Which of the following most likely would be detected by an auditor's review of a client's sales cutoff?
Concerned with the slow rate at which new products are brought to market, top management of a consumer electronics company introduces a new performance measure--speed-to-market.
Prepare the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.
O'Brien estimates it will take 3 years to salvage the downed timber at a cost of $707,100. The timber can be sold for pulp wood at an estimated price of $3 per board foot. The value of the land is u
Materials salvaged from the demolition of the building were sold for $3,000. A contractor was paid $800,000 to construct a new warehouse.
The fiscal 2010 financial statements for Neptune, Inc report revenues of $14,892,615, net operating profit after tax of $987,625, net operating assets of $6,124,587. The fiscal 2009 balance sheet re
Calculate the cost of the units transferred out during July and the ending inventory July 31 using the weighted-average method.
Enter the March 31 balances for Cash ($85,000), Inventory ($125,000), Long-Term Notes Payable ($110,000), and B. Wise, Capital ($100,000). Post the total amounts from the journal in the following ge
Modest Expectations Investment Services (MEIS) allows customers to manage their investments over the Internet. If customers attempt to sell more shares of a stock or spend more money than they have
The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2012. What should Campbell record as a net deferred tax asset or liability for th
Selected balance sheet and income statement data for Green Tea, Inc., for the year ended December 31, 2011 are below. What is the company's times interest earned ratio?
A firm appropriately wrote a check for $78 but entered the amount as payment of $87. On a bank reconciliation statement this error would be shown as:
Opal deducted $2,400 of state income taxes on her tax return last year. This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal include in her gross
Ozeman Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,400 units. The utilities and maintenance cost
The lawyer wins $300,000 in settlements for his clients of which he receives half. Actual overhead was $210,000. What does the lawyer earn during the year after expenses?
What is the profitability of the remaining services if all services with losses are dropped?
A. For the year ended December 31, 010, what will be reported on government-wide financial statements in connection with this gift?