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On January 1, 2013, Piper Co. issued ten-year bonds with a face value of $4,500,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $4,500 and is paid at the beginning of the first year.
Fairfax company uses weighted -average process costing to account for it productio cost. Direct labor is added evenly thourghout the process. Direct material are added at the beginning of the proces
Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system.
Rogers Co. had a sheet metal cutter that cost $110,000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value of $16,000.
During the current year, the United States files criminal and civil actions against Joe, the CEO of Box Corporation and Jane, the president of Cable Corporation, for price fixing. Both enter pleas o
Atlantic Company produces a single product. For the most recent year, the company's net operating income computed by the absorption costing method was $7,.
DiCenta Corporation reported net income of 283,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year.
On September 1, of the current year, James, a cash-basis taxpayer, sells his farm to Bill, also a cash-basis taxpayer, for $100,000. James' basis in the farm is $65,000.
Ben Company produces a single product. Last year, the company's net operating income under absorption costing was $4,400 lower than under variable costing.
The basis for allocating overhead to production is machine hours. At the beginning of the year it was estimated that the company would incur the following amounts for the year:
Abdol Company, which has only one product, has provided the following data concerning its most recent month of operations:
Dearman Company, which has only one product, has provided the following data concerning its most recent month of operations: What is the total period cost for the month under the absorption costing
The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively.
Dr. Massy, who specializes in internal medicine, wants to analyze his sales mix to find out how the time of his physician assistant, Consuela Ortiz, can be used to generate the highest operating inc
Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
In the situation described above, indicate the accounting principles or concepts, if any, that have been violated and explain briefly the nature of the violation.
Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal place.)
The following information was compiled for two models of cell phones. 3G model 4G model Average Budgeted Contribution Margin $80.00 $120.00 $95.25 Budgeted Sales in Units 28,000 18,000 Actual Sales
Specify an appropriate cost driver for tracing costs associated with the various levels of activities to the next cost objective or products, whichever is appropriate.
Heinken Company sold 500 units during the month for $12 per unit. Heineken uses the average cost method. Heinekin's GROSS PROFIT for the month of May is?
Cassie's Computer Parts has two decentralized divisions, Hardware and Pre-Fab. Pre-Fab has always purchased certain units from Hardware at $230 per unit.
Spring Waters, Inc., produces bottled drinks. The New York Division acquires the water, adds carbonation, and sells it in bulk quantities to the New Jersey Division of Spring Waters and to outside b
Assuming that a periodic inventory system is used, what is the COST OF GOODS SOLD on a LIFO basis?Piper Pipes has the following inventory data.
Entry for Uncollectible Accounts Traditional Bikes Co. has determined that the proper balance for the Allowance for Doubtful Accounts at December 31 is $44,260.