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Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq's books as follows: Patent AA: $5,000; Patent BB: $2,000; and Patent CC: $3,000. When Alon
Mat Company's actual manufacturing overhead cost for the month ended March 31 was $78,000. The company's predetermined overhead rate was 50% of direct labor cost. Other information pertaining to Ma
Peyton's incremental borrowing rate was 12 percent throughout 2011, and the total amount of interest incurred by Peyton during 2011 was $204,000. What amount should Peyton report as capitalized inte
Tony, age 15, is claimed as a dependent by his grandmother. During 2010, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $700. Tony's taxable in
What is the increase and decrease side for each account? What is the normal balance for each account?
At year end, RJN Company has $3,400 on hand in currency and coins, deposits in checking accounts of $32,000, U.S. Treasury bills due in 60 days worth $58,000, and U.S. Treasury bonds due in 180 days
what is the amount of bond interest expense recorded on the first interest payment date?
List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given s
Using the information above, what was the liability relative to the January payroll after the employees received and cashed their payroll checks?
In making judgments about materiality at the account balance level, the auditor must consider the relationship between it and financial statement materiality. This should lead the auditor to plan th
A company issued 300,000 of 20-year, 8 percent bonds at 96. If interest is paid semiannually, what is the amount of bond interest expense recorded on any interest date?
Allen's Jewelry accepted a $3,600 note from S. Wells in settlement of an old account receivable. The 12 percent note was dated November 2, 2008, and was due in 120 days. Assume that Allen's Jewelry
Financial accounting, Please use the template provided. The payment for Insurance in part (m) should be on the 30th of June not the 1st of June.
A company purchased materials costing $12,000 that, according to standards, should have cost $11,000. They used $8,000 of the materials (at standard cost) in the current period. The journal entry un
Other information pertaining to Mat Company's inventories and production for the month of March is as follows: a. Determine the amount of direct materials used during March.
Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever:
What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
The straight-line method is used for depreciation. In 2008, George Martin changed its estimates to a total useful life of 5 years with a salvage value of $50,000. What is 2008 depreciation expense?