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Also compute the number of meals and the amount of sales revenue needed to earn operating income of $75,600 for the year.
Two employees ("cash collection clerks") are responsible for collecting cash from the lockers. Based on instructions from the office manager, one clerk collects cash from specific locations on the w
The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages;
At the beginning of the current year, Hamilton Manufacturing had jobs in process totaling $25,000. Manufacturing costs added throughout the year totaled $300,000.
Burgundy Manufacturing uses a process cost system and computes cost using the weighted average method. During the current period, the beginning work-in-process inventory cost was $13,525.
Holder Manufacturing uses the net present value method to make the decision, and it requires a 15% annual return on its investments. The present value factors of 1 at 15% are: 1 year, 0.8696; 2 year
Assuming that 80% of all the June receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank.
Prepare the company's cash budget for February in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance.
Capitalization vs. Expense. Rentals R Us incurs the following expenditures on an apartment building it owns.Discuss the proper tax treatment for these expenditures.
Equipment with an appraisal value of 35, 000 is offered for sale on 32, 00. The purchaser acquires it for 10,000 in cash and a 90 day 15,000 note payable.
Waterways markets a simple water control and timer that it mass-produces. During the year, the company sold 696,000 units at an average selling price of $4.22 per unit.
Sumber Jaya imports and sells fasteners, bolts and nuts to its customer in all over Indonesia. It is a privately owned company based in Surabaya, Indonesia.
Paid $20,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account.
The fixed manufacturing overhead is comprised of depreciation expenses related to prior investments in facilities and equipment that are used in the manufacturing of the widgets.
AJ Corporation, a manufacturer of ethnic foods, contracted in 2010 to purchase 500 pounds of a spice mixture at $5.00 per pound, delivery to be made in spring of 2011.
Williamson Corporation acquired two inventory items at a lump-sum cost of $40,000. The acquisition included 3,000 units of product CF, and 7,000 units of product 3B. CF normally sells for $12 per un
Maui Blends, Inc. produces and sells organically grown coffee. On July 1, 2012, Maui Blends, Inc. issued $2,800,000 of 7-year, 13% bonds at a market (effective) interest rate of 11%, receiving cash
Bleeker Company has the following merchandise account balances: Sales $194,408, Sales Discounts $2,178, Cost of Goods Sold $103,141, and Merchandise Inventory $39,065.
Equipment with an appraisal value of 35, 000 isa offered for sale on 32, 00. The purchaser acquires it for 10,000 in cash and a 90 day 15,000 note payable. The amount to be recorded as the cost o
The following information relates to Starbucks for 2007: net income $672.638 million; unrealized holding loss of $20.380 million related to available-for-sale securities during the year; accumulated
Describe the process of assessing the earnings and financial reporting quality of publicly held corporations.Relate the quality of the earnings and financial reporting to the ethical requirements o
Explain the differences in creating budgets for the following entities: manufacturing, non-manufacturing, serviced based business and not for profit organizations.
An investor purchased at par value $75,000 of Cort's 8% bonds, that mature in three-years. The bonds pay interest semiannually on June 1 and December 1.
You own widgets 'r' us and are preparing your year-end financial statements.What inventory system do you use and why? What are its advantages and disadvantages?
Prycal Co. merges with InterBuy, Inc., and acquires several different categories of intangible assets including trademarks, a customer list, copyrights on artistic materials, agreements to receive r