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If a company's level of fixed and variable costs remain unchanged from one year to the next, under which costing method is it possible for income to increase when sales decrease
Ollie olive oil began business in 2010, during which it produced 104,000 quarts of olive oil. In 2010, the company sold 100,000 quarts of olive oil. costs incurred during the year were.
Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $60 per unit, of which $32 is product cost and $28 is selling and administrative expenses.
The cash account for Online Medical Co. at June 30, 2012, indicated a balance of $9,375. The bank statement indicated a balance of $10,760 on June 30, 2012.
A company has two major businesses that it operates. One business manufactures and sells unicycles for commerial use in circuses and so forth, and the other sells bicycles to the public.
Ck is starting a business that he expects to produce $60,000 of income this year before compensating Jack for his services. He has $1,000 of other income and itemized deductions totaling $10,000.
The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700.
For the profitability analysis, compute Medical Products' (a) ratio of gross profit to net sales (b) ratio of operating income to net sales, and (c) ratio of net income to net sales.
In October, Keane Company reports 21,000 actual direct labor hours, and it incurs $115,000 of manufacturing overhead costs. Standard hours allowed for the work done is 20,000 hours.
You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.Explain why adjusting entries are necessary
Starfleet Corporation has one temporary difference at the end of 2012 that will reverse and cause taxable amounts of $55,000 in 2013, $60,000 in 2014, and $75,000 in 2015.
On May 20, 2010, Capriati sold 3,000 shares of Gonzalez Company's common stock at a market price of $35 per share less brokerage commissions, taxes.
Atlanta Company is preparing its manufacturing overhead budget for 2012. Relevant data consist of the following. Units to be produced (by quarters): 10,500, 12,400, 14,600, 16,700.
At December 31, 2012, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2013, the deferred tax asset is $59,000. The corporation's 2013 current tax expense is $61,000.
Lorge Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2011, manag
During the year, Chester had the following transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment)
An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked.
Dividends Per Share Baxter Inc., a developer of radiology equipment, has stock outstanding as follows: 18,000 shares of cumulative 2%, preferred stock of $75 par, and 40,000 shares of $10 par com
Perine Company has 1,600 pounds of raw materials in its December 31, 2012, ending inventory. Required production for January and February of 2013 are 4,550 and 5,870 units, respectively.
Aerkion Company starts 2013 with two assets: cash of 19,000 LCU (local currency units) and land that originally cost 70,000 LCU when acquired on April 4, 2005. On May 1, 2013
Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2012 sales forecast is as follows. Quarter HD-240 1 5,100 2 7,110 3 8,460 4 10,180
On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?
Giere Manufacturing had a bad year in 2011. For the first time in its history it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product.
By indicating the sign of the effect (+ for ioncrease, - for decrease, ne for no effect, and cd for cannot determine) of each transaction. Consider each item independently.