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Mark Malone, Pete Patton, and Sally Spencer formed a partnership on January 1, 2008. Their original capital investments (all cash) were $140,000, $160,000, and $100,000, respectively.
Shake's corportation recorded sales revenue during the year of $400,000, of this $150,000 was credit. An average loss of 2% is usually experienced on credit sales.
BTS Company made 4,200 bookshelves using 22,300 board feet of wood costing $272,060. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13 per board foot.
Kwon Co. borrows $150,000 cash on November 1, 2011, by signing a 90-day, 9% note with a face value of $150,000. How much interest expense results from this note in 2012?
Nikabrik Co. is involved in a lawsuit as a result of an accident that took place September 5, 2012. The lawsuit was filed on November 1, 2012, and claims damages of $1,000,000.
During 2012, Barden Building Company constructed various assets at a total cost of $10,500,000. The weighted average accumulated expenditures on assets qualifying fo capitalization of interest durin
Blueprint Problem: Cash Dividends Dividends If you are the owner of a company, you expect to be able to take part of the company's profits. If you own shares of stock of a corporation, you own part
The Gadzooks Chip Company offers credit terms to its customers. At the end of 2009, accounts receivable totaled $2,223,000. The allowance method is used to account for uncollectible accounts.
Assume that you have graduated from Bridgewater State College and are a practicing CPA. One of your clients, Karen Sharpley, a practicing surgeon comes to you for consulting services.
Kahn Company is a merchandiser that reported net income of $90,000. Additional information follows: decrease in accounts receivable 3,000 increase in prepaid expense 4,000 depreciation expense
Equity Transaction For each of the following independent transaction 'a' through 'd', prepare the necessary journal entry(if necessary): a) Declared and paid a $0.40 per share cash dividend on 200,0
Varilux manufactures a single product and sells it for $10 per unit. At the beginning of the year there were 1,000 units in inventory. Upon further investigation, you discover that units produced la
How much would you have to invest today in the bank at an interest rate of 7% to have an annuity of $2,800 per year for 9 years, with nothing left in the bank at the end of the 9 years?
Cottrell, Inc., is investigating an investment in equipment that would have a useful life of 9 years. The company uses a discount rate of 15% in its capital budgeting. The net present value of the i
Charley has a typing service. He estimates that a new computer will result in increased cash inflow $1,600 in Year 1, $2,000 in Year 2 and $3,000 in Year 3.
Kilgore Auto reported the following information at Dec 31, 2004: -preferred stock, 10%, $24 par value, cumulative $60,000 -Common stock, $2.50 par value $10,000.
Ivan Company has a goal of earning $70,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 30%.
Last year the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year.
During its most recent fiscal year, Simon Enterprises sold 200,000 electric screwdrivers at a price of $15 each. Fixed costs amounted to $400,000 and pretax income was $600,000.
Lane Corporation was authorized to issue 83,000 shares of $6 par common stock and 19,000 shares of $75 par, 8 percent, cumulative preferred stock.
For this assignment, imagine that for the second quarter in a row, profits are down at Waterfall division. Division Management budgeted $250,000 in profits for the 2nd quarter but actual results wer
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.
A product sells for $200 per unit, and its variable costs per unit are $130. The fixed costs are $420,000. If the firm wants to earn $35,000 pretax income, how many units must be sold?
Department G had 3,600 units, 1/3 completed at the beginning of the period, 12,000 units were completed during the period, 2,000 were one-fifth completed at the end of the period.
Monterey Corporation is considering the purchase of a machine costing $36,000 with a 6-year useful life and no salvage value. Monterey uses straight-line depreciation and assumes that the annual cas