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Assuming that a company has $365 million in annual sales, and a gross margin of 20%, how much investment will each additional day ofsales in inventory require?
Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note.
Invoice price of goods is $3500. Purchase terms are 3/10,n/30 and the invoice is paid in the week of reciept. The shipping terms are FOB shipping point ,and the shipping cost amount to $330.00.
Debate the necessity of preparing formal financial statement if all of the data are in the statement columns of the worksheet. Speculate as to the reasons why this has become common practice.
On March 1, 2011, Navy Corporation used excess cash to purchase U.S. Treasury bonds for $103,000 plus accrued interest. The appropriate interest rate is 6%.
Prepare a general fund journal entry to record the holiday and vacation compensation. Indicate the amount of any other liability that would be recorded on both the government-wide statements and sch
You are the accountant for a division of a company that is constructing a building for its own use. It is January 2011, and you are working on closing the books for 2010.
On October 29, 2010, Lue Co. began operations by purchasing razors for resale. Lue uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any non
At the beginning of the month, ABC Distributing budgeted direct labor of $120,000 and advertising expenses of $75,000 for 9,600 units shipped. The department actually shipped 12,000 units.
Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights.
On 1/1/10 the stockholders adopted a stock option plan for top executives whereby they would receive rights to purchase up to 60,000 shares of common stock at $40 per share.
ZXC Firm has the following information to determine Predetermine overhead rate for Standard Costing:Estimated total manufacturing overhead costs $1,000,000.
If equivalent units are 9000 for conversion costs and units transferred out equals 6000 what stage of completion should the ending work in process be for the 12000 units remaining?
How would you make sure a payment is actually for what it was stated for?How would you make sure the payment is legit?Would you perform vouches? or would vouching be only for documents.
Prepare journal entries to reflex how the transaction and events would be recorded for (1) governmental fund statements and (2) government-wide statements.
A company with $800,000 in operating assets is considering the purchase of a machine that costs $75,000 and which is expected to reduce operating costs by $20,000 each year. The payback period for
Alternative 3: The town would issue $32,071,355 in 20-year zero coupon bonds on July 1, 2013. The bonds would be sold for $10 million, an amount that reflects an annual yield of 6%. The bonds requir
The Whitton Company uses a discount rate of 16%. The company has an opportunity to buy a machine now for $18,000 that will yield cash inflows of $10,000.
Suppose that the town elects the first option and issues $10 million in 20-year, 6% coupon bonds at par on September 1, 2013. The town establishes a debt service fund to account for resources that i
Frantic Company had $130,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $16,000. The company's accounts rece
Eral Company has $17,000 in cash, $3,000 in marketable securities, $36,000 in current receivables, $24,000 in inventories, and $45,000 in current liabilities. The company's acid-test (quick) ratio
Granger Company had $180,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $18,000. The company's average colle
Determine the rate earned on total asset, the rate earned on stockholder's equity and the rate earned on common stockholders' equity for the years 2009 and 2010.
Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at Dec