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Accounts receivable arising from sales to customers amounted to $45,000 and $50,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $160,
Monitor Company has other operating expenses of $250,000. There has been an increase in prepaid expenses of $15,000 during the year, and accrued liabilities are $22,000 lower than in the prior perio
Dog Gone Good Engines has a bond issue outstanding with 17 years to maturity. These bonds have a $1,000 face value, a 9 percent coupon, and pay interest semi-annually.
Joe Peterson is the founder and majority shareholder of Zipali, Inc., wholesaler of chemicals. Joe started the business in his home a few years ago.
Split the common stock 3 for 1 and reduced the par from $90 to $30 per share. After the split, there were 750,000 common shares outstanding.
Grill Works and More has 7 percent preferred stock outstanding that is currently selling for $49 a share. The market rate of return is 14 percent and the firm's tax rate is 37 percent. What is the f
Direct materials cost per unit of custom calculator is $15, the direct labor cost per unit is $5, and the manufacturing overhead per unit is $18, including $6 of variable manufacturing overhead.
The following transactions and adjusting entries were completed by a local delivery company called Super Swift. The company uses straight-line depreciation for delivery vehicles.
Arden corporation just received a special order to make 7500 units of a specialized calculator. If Arden has sufficient manufacturing capacity, what is the minimum price that can be accepted for the
Mason Farms purchased a building for $689,000 eight years ago. Six years ago, repairs were made to the building which cost $136,000.
Utease Corporation has many production plants across the midwestern United States. A newly opened plant, the Bellingham plant, produces and sells one product.
Explain to Gary Voss why BBG Corp's net income decreased in the current fiscal year despite the sales price and sales volume increases.
Net income for the year was $83. Cash dividends were $16. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common st
Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World's most popular models is the Kazomma 900 dirt bike.
You just signed a consulting contract that will pay you $38,000, $52,000, and $85,000 annually at the end of the next three years, respectively.
Matrix Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $150,000 of 6% U.S.
A piece of equipment has a cost of $20,000. The equipment will provide cost savings of $3,500 each year for ten years, after which time it will have a salvage value of $2,500.
Harper Company borrowed money by issuing a $10,000 face value discount note to its bank. The note had an 8% interest rate and had a term of 1 year. On December 31, 2011, Harper should accrue intere
How much is the "gross amount"? If this information is not shown on the Balance Sheet, you should be able to find it in the notes that follow the financial statements. Do you think the Allowance for U
Ware Company borrowed $10,000 on September 1, 2011 from the National Bank. Ware agreed to pay interest annually at the rate of 6% per year.
Find the Accounts Receivable (may also be called Trade Receivables) for Wal-mart. How much is the "net amount"? This is the amount after deducting the Allowance for Uncollectible Accounts (this can
Which of the following represents the correct journal entry to record a taxable cash sale of $80 if the sales tax rate is 5%?A debit to cash for $80, a debit to sales tax expense for $4, and a credit
A corporation had 20,000 shares of $10 par value common stock outstanding on January 10. Later that day the board of directors declared a 30% stock dividend when the market value of each share was
Chuck needs to purchase an item in 10 years. The item costs 200 today, but its price inflates at 4% per year. To finance the purchase, Chuck deposits 20 into an account at the beginning of each year
Prepare the cash flows from operating activities section only of the company's 2013 statement of cash flows using the direct method.