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David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000.
During 2012, Alvarez Manufacturing expected Job No. 26 to cost $336,000 of overhead, $400,000 of materials, and $240,000 in labor. Alvarez applied overhead based on direct labor cost.
Calculate plantwide overhead rate using Machine Hours on projected manufacturing costs for job no. 110. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Alpine Inc. uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2014 totaled $20,000 of materials, $8,000 of direct labor costs, and $8,000 of m
As of December 31, 2014, Walking Tall Industries had $3,500 of raw materials inventory. At the beginning of 2014, there was $2,000 of materials on hand. During the year, the company purchased $314,5
The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Falls, Minnesota, uses a job order costing system for its batch production processes.
Kanet Company issued common stock for proceeds of $386,000 during 2014. The company paid dividends of $80,000 and issued a long-term note payable for $95,000 in exchange for equipment during the yea
In April 2011, Dan is audited by the IRS for the year 2009. During the course of the audit, the agent discovers that Dan%u2019s deductions for b.usiness travel and entertainment are unsubstantiated
You are considering the purchase of real estate that will provide perpetual income that should average $61,000 per year. How much will you pay for the property if you believe its market risk is the
Assume that Cane's customers would buy a maximum of 80,000 units of Alpha and 60,000 units of Beta. Also assume that the company's raw material available for production is limited to 160,000 pounds.
Stock A has a beta of .5, and investors expect it to return 5%. Stock B has a beta of 1.5, and investors expect it to return 13%. Use the CAPM to find the expected rate of return and the market risk
Department A had 1,000 units in Work in Process that were 60% completed at the beginning of the period at a cost of $7,000. 4,000 units of direct materials were added during the period at a cost of
During 2014, Harvey Industries reported cash provided by operations of $670,000, cash used in investing of $1,039,000, and cash used in financing of $145,000. In addition, cash spent for fixed asset
Amy Monroe wants to create a fund today that will enable her to withdraw $27,480 per year for 8 years, with the first withdrawal to take place 5 years from today.
SAT scores (out of 2400) are distributed normally with a mean of 1500 and a standard deviation of 300. Suppose a school council awards a certificate of excellence to all students who score at least
The Capital Asset Pricing Model is a financial model that assumes returns on a portfolio are normally distributed. Suppose a portfolio has an average annual return of 14.7% (i.e. an average gain of
Received contribution of $20,000 from each of the two principal owners of the new business in exchange for shares and stock.
An earthquake caused $113,000 in property damage to one of Reeds factories. The amount of the loss is material and the event is considered unusual and infrequent.
Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, firstout
Blitzen Corporation had net income of $200,000 and paid dividends to common stockholders of $50,000 in 2014. The weighted average number of shares outstanding in 2014 was 40,000 shares.
Compute the selling costs to be assigned to the "high-intensity" line of attire for the month of March: (1) using the traditional product costing system (direct material cost is the cost driver), an
On December 30, 2009, Parker Company ships $250,000 of merchandise by common carrier to Jackson, Inc. The terms of the sale are 2/10, n/60, FOB shipping point.
Erik Rekdahl, senior-in-charge, is auditing Koonce Katfood, Inc.'s, long-term debt for the year ended December 31. Long-term debt is composed of two bond issues, which are due in 10 and 15 years, r
Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company%u2019s costs.
Prepare the journal entry for the interest receipt of December 31, 2014, and the discount amortization under the effective-interest method.