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On December 1, Martin Company signed a 90-day, 6% note payable, with a face value of $5,000. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year for calculati
Prepare the journal entries in January 1, 2007 to record the conversions of the bonds. 2). Prepare the journal entries in January 1, 2007 to record the exercise of the warrants.
Young Inc. has a margin of safety percentage of 10% (recall the MOS percentage is computed as a percentage of actual sales). The break-even point in units is 45,000, the selling price is $12 per uni
The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales. The president of Ruiz Co.
Upon further investigation, the owner learns that the new machine requires substantial maintenance, which will increase the variable cost by $.50 per juice. How would this information affect your an
The direct materials and direct labor cost per unit to make the lamp shades are $4.00 and $6.00 respectively. Normal production is 40,000 of fixed manufacturing overhead currently being charge to th
if the case production were stopped, the space that it is using could be rented out for $20,000 per year. The outside supplier has offered to supply the cases for $2.80 per case. How much will Hale
Thomas Company has total fixed costs of $360,000 and variable costs of $14 per unit. If the unit sales price is reduced from $24 to $20 and advertising is increased by $10,000, sales will increase f
Gold Corporation, Silver Corporation, and Copper Corporation are equal partners in the GSC Partnership. The partners' tax year-ends are as follows:
Of the purchase price, $150,000 was paid for the patent and $48,000 for the covenant. The amount of the excess of the purchase price over the identifiable assets was $87,000. What is the amount of
If the cost of goods manufactured during the year amounted to $665,000 and annual sales were $998,000, how much is the amount of gross profit for the year?
How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?
On a particular Saturday, Tom had planned to paint a Room in his house, but his employer gave him the opportunity to work that day. If Tom works, he must hire a painter for $100. For Tom to have a p
Tomlinson packaging Corporation began business in 2010 by issuing 20,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the comm
Burden Inc. is considering these two alternatives to finance its construction of a new $2 million plant:
Prepare the appropriate entries for Winn Heat Transfer from the inception of the lease through the end of 2011. Winn's fiscal year is the calendar year. Winn uses straight-line depreciation.
"Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment. Collections during the year from down payments and installments totaled $300,
Jerusha is married and she files a separate tax return in 2010. She claims two exemptions (2 x 3,650 = $7,300). She claimed the standard deduction for regular tax purposes ($5,700). She had no other
This year the only significant expense that they incurred was an unreimbursed medical expense of $3,200. If Jon and Holly together have AGI of $42,000, what is the amount of their standard deduction
Belinda is trying to decide whether she should accept employment as a salesperson or work as a self-employed sales representative.
Purchased inventory costing $5,600 on account from smoot company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash.
Expense A is a fixed cost; expense B is a variable cost. During the current year the activity level has increased, but is still within the relevant range. In terms of cost per unit of activity, we w
The little Black Dress Shop (TLBDS) started the 2008 accounting period with the balances given in the financial statements model shown below. During 2008 TLBDS experienced the following business eve
Southeast Airlines is considering tow alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are:
Prepare the stockholders' equity section of Mundo Health Food's balance sheet at December 31, 2012.