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1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is also increased with a debit. I don't get it." How can you straighten out your friend?
2. Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your answer.
3. York Inc. manufactures notebook computers and has experienced noticeable declines in the purchase price of many of the components it uses, including, computer chips. Which inventory costing method should York use if it wants to maximize net income? Explain your answer
Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.
Assuming that the company's $337,485 ending Finished Goods Inventory account for year 2011 had $137,485 of direct materials costs, determine the inventory's direct labor costs and its overhead costs.
Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.
What are some of the characteristics of a victim in a personal injury case that might impact the calculation of economic damages?
Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation. Journal entries for the consolidation of Lisa and Victoria would be recorded in :
Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount.
Explain the problem with authority and resoning
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department.
Discuss the key criteria for the operation of an effective corporate whistleblower hotline. Be sure to highlight potential pitfalls that should be avoided and reference professional codes, legislation and academic literature as appropriate.
If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:
In the current year, Donna gives $50,000 cash and $30,000 of stock to Mike. She also gives $40,000 of tax-exempt bonds to Angela. Her husband, Andy, gives $200,000 of land to Angela. Assume the couple elects gift splitting for the current year.
If a business had a capacity of $10,000,000 of sales, actual sales $6,000,000, break-even sales of $4,500,000, fixed costs of $1,800,000, and variable costs of 60% of sales, what is the margin of safety expressed as a percentage of sales?
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