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General capital assets purchased or constructed with governemental fund resources are recorded in the governmental activities general leger at the government wide level.
You have purchased equipment for $100,000. The equipment will last 5 years. Assume you will depreciate the equipment to $0. The equipment will generate net income of $10,000 per year.
A company assigns overhead cost to completed jobs on the basis of 115% of direct labor cost. The job cost sheet for Job 313 shows that $19,670 in direct materials has been used on the job and that $
The management of Rusell Corporation is considering a project that would require an investment of $282,000 and would last for 6 years. The annual net operating income from the project would be $107,
Identify which of the items (a) through (e) should not be recorded but should be disclosed in the year-end financial statements.
The Srane Company has contacted Trell with an offer to sell it 5,000 wickets for $36 each. If Trell makes the wickets, variable costs are $22 per unit. Fixed costs are $16 per unit; however, $10 pe
Dubois Inc loan money to John Kruk Corp in the amt of 800,000.00 Dubois accepts the 8% note due in 7 yrs with interest payable semiannually.
Reed Merchandising Company expects to purchase $90,000 of materials in July and $105,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase.
Tool Time, Inc. operates 20 injection molding machines in the production of tool boxes of four different sizes, named the Apprentice, the Handyman, the Journeyman,and the Professional.
A company has a process that results in 15,000 pounds of Product X that can be sold for $8 per pound. An alternative would be to process Product X further at a cost of $100,000.
Crystal Arts, Inc., had earnings of $428,900 for 2014. The company had 50,000 shares of common stock outstanding during the year. In addition, the company issued 2,100 shares of $100.
The research department has developed a new product (C) as a replacement for product B. Market studies show that Roland Company could sell 11,000 units of C next year at a price of $80, the variable
Gino's Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Gino's Restaurant Corporation, which had 33,000 shares of common stock outstanding, declared a 4-for-
Assume the company uses absorption costing. Calculate the production cost per unit and prepare an income statement for the month of June, 2011.
In 2008, Micdougal sold 3,000 units at $500 each. Variable expenses were $350 per unit and fixed expenses were $195,000. The same variable expenses per unit and fixed expenses are expected for 2009.
On January 1, the company received layaway payments from two customers. Each customer paid $50. On December 24, the layaway period expired.
Trip Manufacturing Company prepared a static budget of 40,000 direct labor hours, with estimated overhead cost of $200,000 for variable overhead and $60,000 for fixed overhead.
Womgh Company uses flexible budgets. At normal capacity of 8,000 units, budgeted manufacturing overhead is: $48,000 variable and $135,000 fixed. IF Womgh had actual overhead cost of $187,500 for 9,
CIB Inc. produces a product requiring 4 pounds of material costing $2.50 per pound. During December, CIB purchased 4,200 pounds of material for $10,080 and used the material to produce 500 products
Company S shipped goods costing $12000 to Company T on consignment. The sales agreement states that Company T has 90 days to either sell the goods and pay Company S $18000 for them or to return th
Bark Company is considering buying a machine for $180,000 with an estimated life of 10 years and no salvage value. The straight-line method of depreciation will be used.
The company collected $1000 cash in advance from a customer for services to be rendered. Subsequently, the company rendered the services.
Customers send requests for auto insurance into the Asheville sales office, where sales clerks prepare policy request forms.
A company has a minimum required rate of return of 9%. It is considering investing in a project that costs $75,000 and is expected to generate cash inflows of $30,000 at the end of each year for 3
Prepare the income statement, statement of changes in stockholder's equity, balance sheet, and statement of cash flows for the 2012 accounting period.