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Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were in
Super Sales Company is the exclusive distributor for a revolutionary bookbag. The product sells for $46 per unit and has a CM ratio of 32%. The company's fixed expenses are $206,080 per year.
Farr Company purchased a new van for floral deliveries on January 1, 2012. The van cost $48,000 with an estimated life of 5 years and $12,000 salvage value at the end of its useful life.
Ron's Quik Shop bought machinery for $50,000 on January 1, 2012. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used.
The 2010 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $2.3 million, and the 2011 balance sheet showed long-term debt of $2.55 million.
You are evaluating two different silicon wafer milling machines. The Techron I costs $ 290,000, has a 3 year life, and has pretax operating costs of $ 67,000 per year.
Operating costs would include $70,000 per year for salaries, $3,500 per year for insurance, and $27,000 per year for utilities. In addition, Mr. Swanson would have to pay a commission to The Yogurt
Remodeling and necessary equipment would cost $270,000. The equipment would have a 15-year life and an $18,000 salvage value. Straight-line depreciation would be used, and the salvage value would be
Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freigh
A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each.
When would we use present value calculations? When would we use future value calculations? Which is more likely to be used in accounting? Why?
What does the time value of money mean? Why is this concept important in accounting? Under what circumstances would we use the time value of money calculations?
Percy used the cost method to record the purchase and resistance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2010?
On January 1, 2010, Shaw Co. sold land that cost $210,000 for $280,000, receiving a note bearing interest at 10%. The note will be paid in three annual installments of $112,595 starting on December
Under the new activity-based costing system, what amount of overhead cost would Monrovia assign to each Claim Jumper bicycle?
Melton Company sold some machinery to Addison Company on January 1, 2010. The cash selling price would have been $568,620. Addison entered into an installment sales contract which required annual pa
Your firm is contemplating the purchase of a new $720,000 computer-based order entry system. The system will be depreciated straight-line to zero over its five-year life. It will be worth $75,000
Pitt Metal Works had $87,600 in net fixed assets at the beginning of the year. During the year, the company purchased $6,400 in new equipment.
Who makes up the majority of the members of the American Accounting Association, and how has this organization affected the practice of accounting?
What is the Financial Accounting Standards Board (FASB), and what is its role in external financial reporting?What is the Securities and Exchange Commission (SEC), and what is its role in external fin
What is meant by the professional designations CPA, CMA, and CIA, and how do these designations add to the integrity of accounting information?
Describe the relationship among the accounting process, accounting information, decision makers, and economic activities.
Buff Company purchased equipment for $500,000 cash on July 1, 2006. The estimated life is 5 years or 1,000,000 units; salvage value is estimated at $50,000. Actual activity was 180,000 units in 2004
What age is retirment if 6% growth rate, future value $1 mil at 65yrs, 35 periods (from age 30-64), on 45th birthday bring in 150,000 check plus normal contribution of 8,466? Can the $1mil retireme
In a completely randomized design, 12 experimental units were used for the first treatment, 15 for the second treatment, and 20 for the third treatment.