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On January 1, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in 5 annual end-of-year payments of $12,195. The first payment is due on December 31. Prepare the
Cisco Inc. reported the following in its income statement for the year ended July 26, 2008: Basic earnings per share of $1.35 and diluted earnings per share of $1.31.
Flitter Corporation uses the weighted-average method in its process costing. The following data pertain to its Materials Preparation Department for November.
On January 1, a company issued 10%, 10-year bonds payable with a par value of $720,000. The bonds pay interest on July 1 and January 1. The bonds were issued for $817,860.
Lime Corporation distributes the stock (basis of $425,000, fair market value of $700,000) it holds in other corporations to Sultan and Turquoise Corporation equally in redemption of 250 shares from
Nick and Jolene are married. Nick is 64 and retired last year from his job with Amalgamated Company. Jolene is 56 and works part-time as a special education teacher. They give you the following lis
On January 2, 2013, the Cerritos Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it antic
Heritage Insurance Co. is a regional insurance company that began operations on January 1, 2012. The following transactions relate to trading securities acquired by Heritage Insurance Co., which has
Grant Film Productions wants to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the store maintain a current ratio of at least 1.50.
Minist Corporation sells a single product for $20 per unit. Last year, the company's sales revenue was $260,000 and its net operating income was $17,000.
Samantha, an executive, has AGI of $100,000 before considering income or loss from her miniature horse business. Her outside income comes from prizes for winning horse shows, stud fees, and sales of
On August 1, 2003, Cooper Company purchased a four-year business insurance policy for $13,200. Calculate the amount of prepaid insurance reported on Cooper Company's December 31, 2004 balance sheet
Record the journal entry for the provision for collectible account under each of the following independent assumption. 1. the allowance for doubtful account before adjustment has credit balance.
The amount of ending inventory was determined using a physical count. Nybrostrand Company 31-Dec-13 Trial Balance (accounts in alphabetical order) Debit Credit Accounts payable 78
Lenter Supply Company is a medium-sized distributor of wholesale hardware supplies in the central Ohio area. It has been a client of yours for several years and has instituted excellent internal con
Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied (and the amoun
A company purchases merchandise on terms of 4/10, n60. They can borrow at 13 percent from their bank. Should they borrow from the bank to take purchase discounts?
Ohnston Co cleans and applies powder coat paint to metal items on a job-order basis. Johnston has budgeted the following amounts for various Overhead categories in the coming yr
Thomas' contract specifies that it will receive a flat fee of $50,000 and an additional $20,000 if Bran reaches a prespecified target amount of cost savings. Thomas estimates that there is a 20% cha
High Tech Video Inc. (HTV) is a small electronics company that produces hand-held video game systems. The company was started 5 years ago by university friends Justin Medakiewicz and Gregg Eisner.
What role do standard costs play in controlling the operations of a business? How are standard costs developed for direct materials, direct labor, and manufacturing overhead?
Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $20,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful
Find labour variance from the following data: Standard: Members in the gang: 40 Men and 20 Women, Wage rate per hour: $0.90 for men and $0.80 for women, Output per gang hourly.
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamela
From the following record of Elbert Limited, you are required to compute Material variance, one metric tons of material input yields a standard output of one lakh units.