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2011, the company issued 1,000 5-year $1,000 face value bonds at 98. The stated interest rate of the bonds is 15% and interest is paid semiannually.
Chambers Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.
Allocate the service department costs using the reciprocal method. (Matrix algebra is not required because there are only two service departments.) (Note: Due to rounding, the costs allocated to the
Required: Assuming the company produced and sold 5,000 units, and there were no units in inventory on July1, prepare the following income statements for the month of July.
Calculate operating income if the selling price is raised to $33/unit, advertising expenditures are increased by $7,000/month and monthly unit sales volume becomes 5,400 units.
Lot's Corporation uses the accounts receivable aging method to account for Uncollectible Accounts Expense. As of December 31, Lot's accountant prepared the following data about ending receivables:
The balance sheet of Watson Company as of December 31, 20X1, follows. All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40%
Net income was $150,000 in 2007 and $180,000 in 2008. Each partner withdrew $1,000 for personal use every month during 2007 and 2008.
Prepare a bank reconciliation for Motts Company as of April 30.State the amount of cash that would appear on the balance sheet as of April 30.
Work in process inventory was $14,310 at January 1 and $17,020 at December 31. Finished goods inventory was $66,100 at January 1 and $45,960 at December 31.
The office's 4 Canon machines are expected to last 6 more years. They can each be sold immediately for $700; their resale value in 6 years will be zero.
Logan Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 40,000 direct labor.
Calculate the total manufacturing costs and the cost per unit produced and tested during the month of August for MedTech, Inc. (Round "Cost per unit" to 2 decimal places.)
Fargo Company has established a petty cash fund for small expenditures. Prepare journal entries for the following transactions.
Assume that you are the managerial accountant at Data Store, a manufacturer of hard drives, CDs and diskettes. Its reporting year-end is December 31.
How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year (based on a 360 day year)?
Abigail, Bobby, and Claudia are equal owners in Lafter, an S corporation that was a C corporation several years ago. While Abigail and Bobby actively participate in running the company.
Clark Paints: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the paint cans instead of purchasing
Partner Z of the EZ partnership provides services to the partnership in exchange for 30% of the profits, but not less than $150,000. The partnership had $300,000 of taxable income before the guarant
Partners W, X, Y, and Z form the Ace partnership, contributing the following:How much is each partner%u2019s basis in their partnership interest?
Use the below facts for each of years 2010,2011,2012 and 2013 to compute Basic EPS and Diluted EPS for 2013.(Details, please.)2010, a company issued 1,000.
The recoverable amount of the equipment at December 31, 2015, is $6,050,000. Prepare the journal entry (if any) necessary to record this increase.
The chief cost accountant for Sassy Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning June 1 would be $97,500, and total direct
The Sparkly Corporation has the following budget and actual results. Budgeted data Unit sales 30,000 Unit production 30,000 Fixed overhead Supervision $54,000 Depreciation $60,000 Rent $30,000.
Ross would like to dispose of some land he acquired five years ago because he believes that it will not continue to appreciate. Its value has increased by $50,000 over the five-year period.