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If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales?
"Minden Company is a wholesale distributor of premium European chocolates. The company's bat sheet as of April 30 is given below:
Williamson Company reported pretax income (using weighted-average pricing) of $180,000. Show comparative income statements for Williamson Company, beginning with "Income before income tax," as prese
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
Oren, the sole shareholder of Sparrow, has a basis of $150k in his stock. If Sparrow distributes $950k to Oren on December 31, how much income must he report for tax purposes? Answer questions below
eister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and
Only half of this purchase had been paid for by Strong by the end of the year. 60% of these goods were still in the company's possession on December 31.What is the total of consolidated revenues?
Mitch Corporation's contribution margin ratio is 14% and its fixed monthly expenses are $87,000. If the company's sales for a month are $678,000, what is the best estimate of the company's net opera
The Mateo Corporation's inventory at December 31, 2011, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
Assuming Richman Co has a portfolio of Available-for-Sale Debt Securities, what shoud Richman Co report as gain (or loss) on the bonds?
On March 1, 2004, the board of directors declared a 10% stock dividend, and accordingly 1,000 additional shares were issued. On March 1, 2004, the fair market value of the stock was $6 per share.
Assuming Landis Co has a portfolio of Available-for-Sale Debt securities, what should Landis Co report as a gain or loss on the bonds?
Prepare the general journal entry to record Jim Phillips' deposit of its federal income tax withholdings and FICA taxes (employee and employer portions) for the month of December 2009.
What is a business combination? What is the accounting basis for consolidating assets and liabilities in a business combination recorded using the acquistion method?
Last year, $31,000 in fixed manufacturing overhead costs were released from inventory under absorption costing. This year, $22,000 in fixed manufacturing overhead costs were deferred in inventory un
The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month.
With no beginning work in process inventory, how much is the conversion cost per unit if ending work in process was 25% complete and total conversion costs equaled $50,000
The president of Auto Tires is somewhat displeased with the company's management accounting system because the cost behavior patterns displayed by the monthly breakeven charts
What are the advantages and disadvantages of using automated accounting systems to do adjusting entries?
Axle and Wheel Manufacturing is approached by a European customer to fulfill a one-time-only special order for a product similar to one offered to domestic customers. The following per unit data app
If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year, the ending balance in the prepaid insurance account (after the above adjusting en
The management accountant for the Chocolate S'more Company has prepared the following income statement for the most current year:
Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000. Slaton also made a cash payment of $3
Pat, a Pizzeria manager, replaced the convection oven just six months ago. Today, Turbo Ovens Manufacturing announced the availability of a new convection oven
Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding. What would be Misty's net income for the current year?