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The following is a series of related transactions between Siogo Shoes, a shoe wholesaler, and Sole Mates, a chain of retail shoe stores: Feb.9 Siogo Shoes sold Sole Mates 100 pairs of hiking boots o
Karpin Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (i.e., cost drivers), namely guests and jeeps.
One of the operations in the United States Postal Service is a mechanical mail sorting operation. In this operation, letter mail is sorted at a rate of one letter per second.
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 4,000 computers: Actual: Variable factory overhead $145,500 Fixed Factory overhead 45,000 Sta
On the basis of your statement in part (1), draft a brief memo to the president to explain why cash decreased during such a profitable year. Include in your explanation any recommendations for impro
Buckle Company produces three joint products from seaweed. At the split-off point, three basic products emerge: Sea Tea, Sea Paste, and Sea Powder. Each of these products can either be sold at the s
Sven's Cookhouse is a popular restaurant located on Lake Union in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to
Not sure on how to calculate and record. On Feb. 28,2012 Ace Company sold 8,000,000, 9%, 10yr bonds to purchase a new production machine. Bonds of similar risk and length have a current market rate
You are using the fair value option for a qualifying asset. To determine the fair value of the asset you cannot find a principal market to value the asset. What other option (market) can be used to
he Accrued Expenses Payable balance on July 1 relates to the expenses incurred in June. Prepare a schedule of cash payments for operations for July, August, and September.
The difference between these monthly operating profit numbers $ is the opportunity cost of not accepting the special order when Zippy is operating at 30,000 crates per month.
Med Max buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Med Max sets its prices for all hospitals by marking up its cost
Susan Brauns regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Susan works 47 hours. Susans federal income tax with
At the end of 2012, Henderson Co. has accounts receivable of $751,830 and an allowance for doubtful accounts of $66,970.
On April 1, the company retained an attorney for a flat monthly fee of $500. This amount is paid to the attorney on the 12th day of the following month in which it was earned.
On January 1, 2016, Horton Inc. sells a machine for $23,000. The machine was originally purchased on January 1, 2014 for $40,000. The machine was estimated to have a useful life of 5 years and no re
Depreciation on the company's equipment for 2011 is computed to be $14,000. b. The Prepaid Insurance account had a $5,000 debit balance at December 31, 2011, before adjusting for the costs of any ex
Control Alt Design acquired 30% of the outstanding common stock of Walter Company on January 1, 2012, by paying $800,000 for the 45,000 shares.
During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $20,000 unfavorable.
Both S Corps and partnerships have rules on permissible tax years, and cannot just use whatever tax year they like. What are the rules for each?
Outback uses a predetermined overhead rate for applying manufacturing overhead to its product. A total manufacturing overhead rate of $8.60 per unit was employed for absorption costing purposes in 2
Prepare a performance report for July, 2014, to compare the data from Rose's flexible budget with the actual costs incurred. Also find if costs are under or over budgeted.
Calculate the expense and sales variances for each rep. Evaluate each of them and rank them in order of performance. Explain your rationale for these rankings.
Simple Plant Simple Plant manufactures DNA test strips. Manufacturing overhead is applied to units produced using direct labor dollars as the alloation base.
Assume Russell drove 1,360 miles last month. Without making any additional calculations, determine whether he earned a profit or a loss last month.