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Smitty Museum purchased the copyright to a piece of artwork for $922,000. Smitty plans to reproduce 1.8 million posters of the artwork over a period of 12 years.
Brenan, Inc. purchased equipment at the beginning of 2004 for $1,520,000. Brenan. The equipment has an estimated residual value (salvage value) of $20,000 and an estimated life of 5 years or 100,000
A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land.
Frado Company provides you with following information related to payroll transactions for the current month. The numbers below are for the all of the employees combined.
Brenan, Inc. purchased equipment at the beginning of 2004 for $1,520,000. Brenan. The equipment has an estimated residual value (salvage value) of $20,000 and an estimated life of 5 years or 100,0
Orlando Auto Accessories produces pickup truck bumpers that it sells on a wholesale basis to new car retailers. The average bumper sales price is $160.
In the Wetzel Company 20,000 direct labor hours were worked when standard hours were 21,000 and the actual pay rate was $6.30 when the standard rate was $6.50. The labor quantity variance is:
Assume that you are about to graduate from your university and are deciding whether to apply for graduate school or enter the job market. To help make the decision, you have gathered the following d
Micro brewery has an debt in the amount of $ 300,000 that need to be paid off in three years. The loan payments are annually with the first payment due in one year, and interest is at 6% what is th
Angel Corporation gives three weeks' paid vacation to each employee who has worked at the company for one year. Based on the studies of employee turnover and previous experience.
Cowbird, Inc., refines and sells gasoline in the United States. Of the gasoline it sells, about 4% is refined in Louisiana and the remaining 96% is purchased from a nonrelated source in the Middle
We are two equal owners of a corporation. We want to avoid filing the corporation's profits along with our personal income taxes each year. Is the answer to our problem to change to a partnership r
A friend has $4,800 that has been saved from her part-time job. She will need her money, plus any interest earned on it, in six months and has asked for your help in deciding whether to put the mo
Answer the following questions assuming a 360-day year. Required: (a) Calculate the approximate annual rate of return on investment of the following cash discount terms: (Do not round your in
Sales of $746,700, cost of goods sold of $603,200, and inventory of $94,300. How long on average does it take the firm to sell its inventory? 6.40 days, 7.23 days, 48.68 days, 57.06 days or 61.10
Total assets of $46,800, net fixed assets of $37400, current liabilities of $6,100 and long term liabiities of $24,600. What is the total debt ratio?
What reasons can you think of to explain why Takeover Co. is willing to pay $150,000 more than fair market value for the net assets acquired from Target Co.?
On January 2, 2011, the Crossover Band acquires sound equipment for concert performances at a cost of $55,900. The band estimates it will use this equipment for four years, during which time it anti
There is a concept that captures the ‘message' of the material and that concept can be summarized in a one word description. The word is mentioned in the chapter but not in a direct way as an
The clerk in charge of the perpetual inventory master file altered the quantity on an inventory tag to cover up the shortage of inventory caused by its theft during the year.
These financial statement items are for B. Snyder at year-end, July 31, 2010. Salaries payable $2,080 Note payable (long-term) $1,800 Salaries expense 51,700 Cash 24,200
On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending, December 31. For Spahn Co.
Apachi Company ended its fiscal year on July 31, 2010. The company's adjusted trial balance as of the end of its fiscal year is as shown below. APACHI COMPANY Adjusted Trial Balance July 31, 2010 No
If the PBO for a pension plan exceeds the fair value of the plan assets at the time of adoption of SFAS No 87, which is created?