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Atlanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant range of activity varies f
Sammy, age 31, is unmarried and is not an active participant in a qualified retirement plan. His modified AGI is $55,000 in 2010. The maximum amount that Sammy can deduct for a contribution to a tra
direct labor of $70,000, and manufacturing overhead of $120,000, what the company's beginning work in process must have been:
Thorpe's president has asked your consulting firm to make a recommendation as to whether the banolide should be sold at the split-off point or processed further. Explain your answer.
Total costs, which include fixed and variable costs, are $120,000 when 10,000 units are produced; of this amount, variable costs are $48,000. What are the total costs when 12,000 units are produced?
What amount would be shown in the December 31, 2011 financial statement for realized gross profit on 2010 installment sales, and deferred gross profit on 2010 installment sales, respectively?
Norwood Appliance produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $100,000; assembly-line workers, $80,000; security
Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.
The accounting records of Hill Corporation revealed the following selected costs: Sales commissions, $40,000; factory & plant supervision, $94,000; and administrative expenses, $185,000. what Hi
Should the controller be concerned with Proust Company's reported profit growth rate in estimating the allowance? Explain your answer.
The accounting records of Tacoma Company revealed the following costs: direct materials used, $170,000; direct labor, $350,000; manufacturing overhead, $400,000; and selling and administrative expen
interest on original investment at 10%, salary allowances of $26,227 and $30,996 respectively, and the remainder equally. How much of the net income of $102,723 is allocated to X?
Palms, Inc. wants to sell enough palm trees to earn a profit of $20,000. If the unit sales price is $40, unit variable cost is $22, and total fixed costs are $120,400, how many trees must be sold to
How and when should Need Cash account for the exchange of common shares for the private placement debt? What value should be assigned to the common shares issued? How should Need Cash record the iss
She also has another 250 units in her van, ready to deliver per a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a retail store. How many units s
A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, the company declared a 2% stock dividend on a date when the market price was $11 a share. Wh
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount
On December 31, 2011, the inventory at prices existing on that date was $195,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
A corporation purchases 10,000 shares of its own $10 par common stock for $25 per share, recording it at cost. What will be the effect on total stockholders' equity?
What do you consider might happen if revenue accounts are not closed, expense accounts are not closed, and dividends are not closed? Explain why. I need two different answers.
A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale?
What is the total stockholders' equity based on the following account balances?
On January 1, 2008, Penn Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Penn to make annual payments of $100,000 at the end of each year f
Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At w
On December 31, the balance in the Prepaid Subscription account was $648. This is the remaining balance of a twelve-month subscription purchased on September 30 in the current year. How much did thi