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Granger Company had $180,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $18,000. what was the company's avera
On January 1, 2011 Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12
A company buys an oil rig for $1,000,000 on January 1, 2010. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $200,000 (present value at 10% is $7
a. Bryan Company budgets sales of $1,800,000, fixed costs of $1,000,000, and variable costs of $1,080,000. What is the contribution margin ratio for Bryan Company? (Enter your answer as a whole num
Which of the following is not a "red flag" indicating problems with an organization's costing system?
What net periodic pension expense (cost) did the company report for the year? Show the detail, i.e., each component and its respective amount. What is the year-end funded status of the company's U.S
Last year Javer Company had a net income of $200,000, income tax expense of $74,000, and interest expense of $20,000. what the company's times interest earned was closest to ?
Karma Company has total assets of $190,000 and total liabilities of $90,000. what the company's debt-to-equity ratio is closest to:
Selected financial data for Barnstable Company appear below:For 19x9, what was the gross margin as a percentage of sales ?
When the balance sheet was prepared, the value of the equipment later rose to $22,000. What is the relevant amount at which to present the equipment on the balance sheet?
Dividends during 19X6 totalled $263 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, 19X6 was $160. what Larned Company's earning
Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees recieve a salary of $700 each per week, and three employees earn $600 per
The Clark Company makes a single product and uses standard costing. Some data concerning this product for the month of May follow:
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require rev
The Alpha Company produces toys for national distribution. Standards for a particular toy are:what is the materials price variance ?
Managers are given bonuses based on the financial accounting net income for their product line. Which one of the following methods, used internally, would best accomplish this? a. Use absorption cos
Union Company uses a standard cost accounting system. The following overhead costs and production data are available for August:
There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement.
At standard, each unit of finished product requires 5 machine-hours. The following cost and activity were recorded during October:
Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term not
Compute the amount of before-tax savings that must be generated by the new tractor to have a payback period of no more than 3 years.
Hart Company's labor standards call for 500 direct labor hours to produce 250 units of product. During October the company worked 625 direct labor hours and produced 300 units. what the standard hou
Intangible development costs total $120,000. After extraction has occurred, Balcom must restore the property (estimated fair value of the obligation is $60,000), after which it can be sold for $170,
Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month
What did you learn from inquiries of management? Do you think that the fact that this is a first time audit for your firm/engagement team, that you have additional considerations? If yes, what might