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Mcferrin Corporation manufactures a variety of products. Last year, the company's variable costing net operating income was $53,200. Fixed manufacturing overhead costs released from inventory under absorption costing amounted to $32,900. What was the absorption costing net operating income last year?
Discuss contingencies and how they're reported on financial statements. What conditions should be met before a contingency can be charged against income?
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action:
Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of $10,000 cash and property with an adjusted basis to the partnership of $34,000 and a fair market value of $42,000.
The gross margin that the company would disclose on an absorption-costing income statement is:
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair.
The division incurred before-tax operating losses of $130,000 from the beginning of the year through December 15.
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
The main trouble with variable costing is that it ignores the increasing importance of fixed costs in manufacturing companies. Do you agree? Why?
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