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On January 31, 2011, B Corp. issued $450,000 face value, 10% bonds for $450,000 cash. The bonds are dated December 31, 2010, and mature on December 31, 2020. Interest will be paid semiannually on Ju
The fixed manufacturing overhead consists mainly of depreciation on the equipment used to manufacture the part and would not be reduced if the component.
The SEC guideline for financial statement reports requires both the Management Discussion and Analysis section and Notes to be included in the report. Discuss the importance of each section and in
During the year, Hamlet Inc. paid $29,000 to have bond certificates printed and engraved, paid $120,000 in legal fees, paid $9,000 to a CPA for registration information.
The standard cost of product B manufactured by TLC company includes three units of direct materials at $6 per unit. During June 28000 units of direct materials are purchased at a cost of $5.64 per u
The SEC guideline for financial statement reports requires both the Management Discussion and Analysis section and Notes to be included in the report.
In financial statements, readers are aware of the Manifestations of BIAS and Uncertainty when analysts and managers prepare their reports.
Madison Company's variable costs are 25% of sales. Its selling price is $150 per unit. If Weed sells one unit more than break-even units, how much will profit increase?
Management and the investment community use both asset valuation and future sales growth as indicators of management's performance.
There are three possible approaches for determining a transfer price: negotiated, cost-based, and market-based transfer prices. Explain how the transfer price is determined, under each of the appro
Carlsen Company manufactured 6,000 units of a component part that is used in its product and incurred the following costs:Another company has offered to sell the same component part to the company f
There are 4 financial statements required for the Annual Report. Discuss completely which financial statement you believe provides the most accurate indication of value for an investor?
ABC, Inc. purchased new machinery in order to improve its production process. Classify each of the following expenditures incurred last year as a capital expenditure (CE) or an immediate expense.
Panther Co. had a warranty liability of $357,000 at the beginning of 2011, and $302,000 at end of 2011. Warranty expense is based on 2% of sales, which were $55 million for the year. What were the w
On January 1, 2009, Clinton Corporation sold (issued) a $1,000, ten-year, 10% bonds payable (interest payable each December 31).For the three assumptions.
If Department H had 500 units, 60% completed, in process at the beginning of the period, 6,000 units were completed during the period,
Cherokee Company acquired a machine on January 1, 2006, that cost $2,700 and had an estimated residual value of $200. Complete the following schedule using the three methods of depreciation.
What is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)?
On January 1, 2009, Clintwood Corporation issued a $50,000, ten-year, 6% bond payable (interest payable semi annually on June 30 and December 31).
Jim acquires a new seven-year class asset on September 20, 2011, for $80,000. He placed the asset in service on October 5, 2011.
While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $5,600 plus $1.40 per liter of gelato sold
On Jan 1, Joplin City issued 10% serial bonds at par to finance streetlights in an area recently incorporated in the city limits. The face amount of the bonds is $1,200,000.
Over the past three years, Rothwell generated exceptionally high sales-and awarded record bonuses. Profits, however, were lackluster. L. L. was befuddled!
The Josetti partnership has total partners equity of $558,000, which is made up of Dopke, Capital, $392,000, and Hughes, Capital, $166,000. The partners share net income and loss.
Why are drivers for long-haul (cross-country) moving companies (e.g., Allied Van Lines) often franchised, while moving companies that move households within the same city hire drivers as employees?