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Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000. Assuming that the company's $490,000 ending finished goods inventory account for 2011 had $250,000 of direct materials costs, determine the inventories direct labor costs and its overhead costs.
On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
alva can earn 5% before tax interest on a corporate bond or a 4% dividend on a preferred stock. Assuming that the appreciation in value is the same, which investment produces the greater after tax income?
Jenny Carson invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jenny decided to withdraw the accumulated amount of money.
Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.
You have been employed as an entry- level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use.
A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
Discuss the 6 principles of professional conduct. When working in the field of auditing, ethical situations will always arise. Should you ever violate your ethical beliefs under any circumstances?
Determine the rate and efficiency variances for the variable overhead item power cost and indicate whether those variances are unfavourable or favourable.
You manage an investment center (evaluated based on the return on investment). Your production manager brings you a potential deal, a large piece of equipment that can help the company save money.
If the standard deviation was .67 and at the 0.025 significant level, has the shelf life of the cupcake mix increased?A. Yes, because computed t is greater than the critical value.
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