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The Atgar Corporation records all purchases and the corresponding liabilities net of cash discounts. Whenever it pays after the discount period, it credits cash for the full amount of the invoice.
Madison Corp had two issues of securities outstanding common stock and a 5 percent convertible bond issue in the face amount of $10,000,000. Interest payment dates of the bond issue are June 30.
The physical inventory indicates 900 units of item #AB345 on hand. What amount will be reported on the Educational System, Inc.'s balance sheet for the inventory item?
Tony Siebers is an accounting major at a midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan area.
At a recent company meeting, an employee remarks: "We were working so hard to get the income for our bonus this year. Then they got all that raw material inventory in-and even paid for it.
Use the following information to answer the five questions in the quiz: The estimated total factory overhead cost and total machine hours for Department 40 for the current year are $250,000 and 56,2
Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently isn't equipped to do.
At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?
Dobbs Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company's current truck.The new truck would cost $56,000.
Coverall Carpets Inc. is planning to borrow $12,000 from the bank. The bank offers the choice of a 12 percent discount interest loan or a 10.19 percent add-on, 1-year installment loan, payable in
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for the interest.
Mars Car Company has a capital structure made up of 40% debt and 60% equity and a tax rate of 30%. A new issue of $1,000 par bonds maturing in 20.
What special asset does Midland's acquisition of Shipey Wireless identify? How should Midland Telecom account for this asset after acquiring Shipey Wireless? Explain in detail.
Kelly Corporation is considering an investment proposal that requires an initial investment of $150,000 in equipment. Fully depreciated exisitng equipment may be disposed of for $40,000 pre-tax.
Temple, Inc. produces several models of clocks. An outside supplier has offered to produce the commercial clocks for Temple for $420 each. Temple needs 1,200 clocks annually.
Salt Co. is considering investing in a new facility to extract and produce salt. The facility will increase revenues by $240,000, but will also increase annual expenses by $160,000.
PDF Corp. needs to replace an old lathe with a new, more efficient model. The old lathe was purchased for $50,000 nine years ago and has a current book value of $5,000.
Diamond Co. is considering investing in new equipment that will cost $900,000 with a 10-year useful life. The new equipment is expected to produce annual net income of $30,000 over its useful life.
If total liabilities decreased by $15,000 and owner's equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
The Duce Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be recorded and reported as assets at?
You have just joined a CPA firm. Your manager is impressed with the recommendations that you provided on the reporting of securities for the client.
Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. what is the Cole's gross profit?
Stanley Children's Hospital reported an average cost per discharge of $6,500 for the quarter, with 300 discharges and an average revenue of $5,900 per discharge. What was Stanley's Revenue to Cost p
Fixed manufacturing costs were $75,000. Pontiac transfers internally from Division Y to Division Z. Pontiac may also sell the transferred units externally for $85 per unit.
Provide the adjusting journal entries for each of the following items.Prepaid Insurance had a $1,600 debit balance prior to adjustment. By year end, 25 percent was still unexpired.