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Miracle Company purchased treasury stock with a cost of $15,000 during 2013. During the year, the company paid dividends of $20,000 and issued bonds payable for proceeds of $866,000. Cash flows fro
Herriot co. has total fixed costs of 180000 and a contribution margin ratio of 40%. assume that an additional advertising expenditure of 4000 would increase sales by 8000. should the company spend
New City had a police precinct built at a cost of $3 million and put it into service on the first day of fiscal year 2002. If New City paid the contractor in cash, how would the City record this tr
FICA taxes are 8% of gross earnings, federal income taxes amount to $635 for the month, state income taxes are 2% of gross earnings, and Nick authorizes voluntary deductions of $10 per month to the
Flott Company has ten employees who each earn $120 per day. If they accumulate vacation time at the rate of 1.5 vacation days for each month worked, the amount of vacation benefits that should be ac
Landers Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May.
What regulations govern the functions and structure of boards of directors? What is legally required of directors? What are the primary roles of boards and board subcommittees?
Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income.
Another client, Wynona, decides that she will invest $5,000 per year in a 6% annuity for the first ten years, then $6,000 for the next ten years, and then $4,000 per year for the last ten years.
Elliot's Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50 percent of the company's retail flo
June 11 Purchased five Jazelle Jets from Springview, Incorporated. The list price of the jets is $4,250.00 each with a trade discount of 25% offered by the seller.
The Wisbley Company is contemplating the purchase of a helicopter for its executives to use in their business trips. This helicopter could be either purchased or leased from the manufacturer.
The management of Bischke Corporation is investigating an investment in equipment that would have a useful life of 8 years. The company uses a discount rate of 16% in its capital budgeting.
Jonas Lumber Company owns a 16,660-acre tract of timber purchased in 2005 at a cost of $3,094 per acre. At the time of purchase the land was estimated to have a value of $714 per acre without the ti
A company had the following results last year: sales, $700,000, return on investment, 28% and margin, 8%. The average operating assets last year were?
Alternative joint-cost-allocation methods, further-process decision. The Wood SpiritsCompany produces two products-turpentine and methanol (wood alcohol)-by a joint process. Joint costs amount to $1
X company uses a FIFO inventory system. the actual cost of direct materials and direct labor is used to value labor and to value the inventories. manufacturing oherhead is applied at a predetermined
Koko company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15 per hour. If 7,700 units required 19,250 hours an an hourly rate of $14.90 per hour, what is the direc
The Joyner Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit.
June 6 Completed service work on a customer Jet Ski and received a check for the balance due. Sales invoice number G6035 lists charges for 2.5 hours of labor at $65.00 per hour, $635.00 for parts an
Dustin Sports uses a standard cost system in which manufacturing overhead (MOH) is applied to units of product on the basis of standard direct labor hours (DLH).
Paine Inc. issues $4.504 million, 5-year, 9% bonds at 103, with interest payable on January 1. The straight-line method is used to amortize bond premium.Prepare the journal entry to record the sale
Curren Co. paid dividends of $3,000; $6,000; and $10,000 during 2010, 2011, and 2012, respectively. The company had 500 shares of 5%, $200 par value preferred stock outstanding that paid cumulative
The following totals for the month of April were taken from the payroll register of Kirk Company. Salaries and wages $36,000 FICA taxes withheld 1,650 Income taxes withheld 7,500 Medical insurance d