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As you examined this week, Netflix and its competitors have faced interesting decisions regarding product offerings and pricing. As Netflix pursued offering online movie downloads in 2005, its prima
By installing some elaborate inspection equipment on its assembly line, the Robot Corp. can avoid hiring an extra worker who would have earned $26,000 a year in wages and an additional $7500 a year
How much net income (loss) should Daniel report for the year ended December 31 according to (a) cash-basis accounting and (b) accrual-basis accounting?
During the entire period, the outstanding stock of the company was composed of 20,000 shares of 2% cumulative preferred stock, $75 par, and 50,000 shares of common stock, $5 par.
Although estimates vary, it is suggested that 80% or more of the job openings that exist are in the hidden job market. What is the difference between the published job market and the hidden job mark
Determine AGI after considering the capital gains and losses. Situation 1 Situation 2 Situation 3 Situation 4 AGI $40,000 $50,000 $60,000 $70,000 STCG 6,000 2,000 5,000 6,000 STCL 2,000 5,000 4,000
On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $4,400, and the client paid the first five months' fees in adv
During the year, equipment was sold for $9,700 cash. This equipment cost $18,000 originally and had accumulated depreciation of $8,300 at the time of sale. Instructions
Below is a list of accounts with corresponding balances. Using these accounts, along with the fact that the beginning balance in Retained Earnings is $16,000, compute the ending balance i
Amberjack Company is trying to decide on an allocation base to use to assign manufacturing overhead to jobs. In the past, the company has always used direct labor hours to assign manufacturing overh
Knudsen Corporation was organized on January 1, 2013. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock.
In eight years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupa
Determine the gross profit on the Peterson case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
A lawn care company stated business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012.
On September 1, 2012, Lowe Co. issued a note payable to National Bank in the amount of $900,000, bearing interest at 12%, and payable in three equal annual principal payments of $300,000. On this da
On January 1, a company issues bonds dated January 1 with a par value of $230,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31.
Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much ta
On January 1, a company issued and sold a $394,000, 9%, 10-year bond payable, and received proceeds of $389,000. Interest is payable each June 30 and December 31.
Dividends totaling $5,000 were declared and paid to stockholders.Net income for 2009 was $29,000, including $7,000 in depreciation expense.
The 2012 annual report of American Express Services reported revenue of $21,000,000,000. Total expenses for the year were $14,000,000,000. AES ended the year with total assets of $30,000,000,000, an
A corporation issues 4,400 shares of common stock for $140,800. The stock has a stated value of $20 per share. What amount of credit to Common Stock would the journal entry to record the stock issua
Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $51,197 and $55,596 respectively. Ray is admitted to the partnership and is given a 40% interest by inve
Ending Liabilities are 67,000, Beginning Equity was $87,000, Common Stock sold during year totaled $31,000, Expenses for the year were $22,000, Dividends declared totaled $13,000, Ending Equity for
A change in the method of accounting for leases for tax purposes to conform with the financial accounting method. As a result, both deferred and current taxes payable changed substantially.
Fast Delivery is a small company that transports business packages between New York and Chicago. It operates a fleet of small vans that moves packages to and from a central depot within each city an