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At Morris Mart Inc., all sales are on account. Mary Morris-Manning is responsible for mailing invoices to customers, recording the amount billed, opening mail, and recording the payment.
The balance in Work in Process Inventory on February 1 was $16,800, which consisted of $11,200 for Job #217 and $5,600 for Job #218. The February beginning balance in Direct Material Inventory was $
Ed's Bookstore has collected $750 in sales taxes during April. If sales taxes must be remitted to the state government monthly, what entry will Ed's Bookstore make to show the April remittance?
If the company uses the percentage of sales basis to estimate bad debts expense and anticipates 2% of net sales to be uncollectible, what is the adjusting entry at December 31, 2008?
Inventory at March 31 was budgeted at 2,000 units. Sales for July are expected to be 35,000 units. The desired quantity of finished-goods inventory at the end of each month is to be equal to 10% of
Bricker Enterprises purchased a machine for $210,000 on October 1, 2012. The estimated service life is ten years with a $20,800 residual value. Bricker records partial-year depreciation based on th
Marcella paid $20 for a music CD for which she later was offered $25. After that someone offered her $30 for the CD. If marcella keeps the CD, the amount of her opportunity cost is $55. true/fase
Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $24,000 that will produce an estimated 100,000 units over its useful life.
Describe the difference between temporary and permanent accounts, and state which ones are closed. Describe the purpose of the closing process.
Axe Corporation is considering investing in a machine which has a cost of $25,000. The estimated life of the machine is 5yrs, with no salvage value.
If you are doing a depreication expense using a straight line or declining method, would you add a Surveyor fees in with the Cost - Residual Value or just the cost - residual value?
The Router Division has sales of $500,000, cost of goods sold of $350,000, operating expenses of $50,000, and invested assets of $400,000. What is the simple rate of return on investment of the Rou
Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and credit sales are $2,200,000. Management estimates that 1% is the sales pe
$72,000 in raw materials were requisitioned for use in production. Of this amount, $62,300 was for direct materials and the remainder was for indirect materials.
How do the percent of revenue method and the percent of receivables method to estimate uncollectible accounts expense differ?
On Sept. 25, 2010 a hurricane destroyed the work in process inventory of Biloxi Corporation. At the time, the company was in the process of manufacturing two custom jobs (B325 and Q428).
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $594,000
Luthan Company uses a predetermined overhead rate of $22.30 per direct labor-hour. This predetermined rate was based on 12,000 estimated direct labor-hours and $267,600 of estimated total manufactur
Gardeneer Inc. is planning to invest $184,000 in a new garden tool that is expected to generate additional sales of 7,500 units at $38 each. The $184,000 investment includes $54,000.
What is the amount of the discount, and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
The data relating to units shipped and total shipping expense have been assembled by archer Company, a wholesaler of large, custom-built-air-conditioning units for commercial buildings.
Bank collected $1,278.90 note for Family in July, plus interest $51.16, less fee $28.42. The collection has not been recorded by Family, and no interest has been accrued.
Carnival Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Glory, can hold up to 3,000 passengers and cost $530 million to
What is the planned annual operating income at a selling price of $12 per unit when the total manufactoring costs are $6 .30 and the expenses are :variable $3.20, Fixed: $1.20. These fiqures are fo
Company A has revenues of 3,750, net income to common sharholders of 476, income before interest and related taxes of 476, total average of total asset of 2458 and common sharholders equity of 2256.