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All fixed expenses of the company are fully allocated to products in the company's accounting system. Further investigation has revealed that $55,000 of the fixed manufacturing expenses and $71,000
Provide a brief written description of the proper accounting treatment, including how the extra $10 paid per share is recorded.
The supply management director informed the president that the penalties for canceling the contracts would cost more than letting the order go through. How would you respond to this situation from t
Alberta Gauge Company, Ltd., a small manufacturing company in Calgary, Alberta, manufactures three types of electrical gauges used in a variety of machinery.
Management of the parent company determines that the market values for subsidiary company plant assets are $90,000 higher than book values. In the consolidated balance sheet, goodwill will be report
calculate the charitable contribution allowance for 2009. Provide a recommendation (500-750 word memo) to Salem management regarding tax implications of this contribution.
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today.
During June, raw materials purchased on account were $4,334, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $710 and miscellaneous costs of $472 incurred o
Discuss the significance of the price at which stock warrants are issued in relation to the market price.
What is the net advantage or disadvantage to the company from upgrading the computers rather than selling them in their present condition?
As part of the divorce agreement, Tyler transfers his ownership interest in their personal residence to Lupe. The house had been jointly owned by Tyler and Lupe and the adjusted basis is $520,000. A
Related Party Transactions. Sally is an attorney who computes her taxable income using the cash method of accounting. Sage Corporation,During which tax year must Sally report the income? During which
Being an avid fisherman, Bryce develops an expertise in tying flies. At times during the year, he is asked to conduct fly-tying demonstrations, for which he is paid a small fee.
Compute the cost of goods sold under the following situations: 1. Periodic system, FIFO cost flow 2. Perpetual system, FIFO cost flow
Bob's transfer is not part of a prearranged plan with Ann and Irene to incorporate their businesses. What gain, if any, will Bob recognize on the transfer?
E12-11 Metzger Company completed its first year of operations on December 31, 2014. Its initial income statement showed that Metzger had sales revenue of $198,000 and operating expenses of $83,000.
Prepare the entry to record the exercise of the conversion option, using the book value method. Show supporting computations in good form. (Credit account titles are automatically indented when amou
prepare the journal entries unconsolidated Big made in 2014 due to its investment in Small. Let me know which method you are using for the investment (equity, partial equity or initial value)
Using the T account method of displaying transactions, show the various account debit or credit entries for the business activities identified above. Also assign an appropriate account number for ea
What was the balance of the cash account after these transactions were posted?
On july1, 2013 avery services issued a 4% long term note payable for $10,000. it is payable over a 5 year term in $2,000 principal installment on july 1, of each year.
The ledger of Rios Company contains the following balances: Owners Capital $30,000; Owner's drawings $2,000; Service revenue $50,000; salaries and wages expense $27,000 and supplies expense $7,000.
You are given the following information for Calvani Pizza Co.: sales = $48,000; costs = $21,200; addition to retained earnings = $6,500; dividends paid = $1,300; interest expense = $5,200; tax rate
Penguin Pucks, Inc., has current assets of $5,200, net fixed assets of $25,200, current liabilities of $4,250, and long-term debt of $9,400. What is the value of the shareholders' equity account for
The line should indicate that these costs are semi variable. What is the apparent fixed cost per month of running the payroll department during November and December?