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If overhead is applied on the basis of DLHs, what predetermined OH rate was in effect during the company's 2009-2010 fiscal year? Round your answer to the nearest cent.
In 2011, Tim sells Section 1245 property for $28,000 that he had purchased in 2007. Tim has claimed $5,000 in depreciation on the property and originally purchased it for $15,000. How much of the ga
Apex Chemicals Company acquires a delivery truck at a cost of $29,564 on January 1, 2010. The truck is expected to have a salvage value of $3,248 at the end of its 5-year useful life. Compute annual
Ivan's Capital account was credited for $120,000. The partners agreed further that the current fair values of the net assets of Gee and Hawe LLP were equal to their carrying amounts and that the acc
Cater Right, with total assets of $50,000, borrows $15,000 from the bank. Which of the following is a True statement upon borrowing the money?
Matt Kifer, president of Kifer Corporation, believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earnings.
The inclusion of the $75,00 in the machinery account on the books will not necessarily result in a closer approximation of the market price of this asset over the years, because of the possibility o
The entry to replenish the petty cash fund debited Supplies instead of Postage Expense.The amount of FICA-OASDI and FICA-Medicare taxes an employer must pay is:
Accounts Payable had a normal starting balance of $600. There were debit postings of $350 and credit postings of $200 during the month.
Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inven
Down jackets has three types of costs: jacket cost, factory rent cost, and utilities cost. This company sells its jackets for $16.50 each. Management has prepared the following estimated cost inform
Payne Company purchased a new machine on January 1, 2005 for $678,000. The machine was assigned a 10-year life and a salvage value of $18,000.
Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means.A $600 check written for supplies was journalized as $60.
On June 1, 2004, XYZ Company paid $360,000 to purchase land, building, and equipment. The market value of these assets on that date were: land $90,000; building $260,000; equipment $50,000.Before th
Mayfield Company expects to have a cash balance of $46,000 on January 1, 2010. These are the relevant monthly budget data for the first two months of 2010.
Which of the following bank reconciliation items would not be refl ected in a journal entry?A $100 petty cash fund has cash of $14 and valid receipts for $82. The entry to replenish the fund would inc
In December 2008, Jens Company established its predetermined overhead rate for jobs produced during year 2009 by using the following cost predictions: overhead costs, $1,500,000.
When counting the supplies a fi le cabinet was forgotten and the adjustment was made based on the incorrect count.
Pack in Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi 10 cost $23,816.
Jordan Gonzalez is considering an investment in a warehouse costing $340,000. The projected annual income is $110,000 for the next five years. Calculate the expected interest rate from this investm
On March 1, 2010, Edington Company acquired real estate, on which it planned to construct a small office building, by paying $96,328 in cash. An old warehouse on the property was demolished at a cos
Which of the following would cause a liability to be credited and an expense debited?Which of the following accounts would be considered a permanent account?
The payroll of Delaney company for September 2010 is as follows:Total payroll was $480,000, of which $140,000 is exempt from Social Security tax because it represented amounts paid in excess of $102
Titus Corporation and Vane Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the stra
The balance in the prepaid insurance account before adjustment at the end of the year is $12,000. If the additional data for the adjusting entry is (1) "the amount of insurance expired during the ye