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Motormart Company manufactures automobiles. The Red Car Division sells its red cars for $25,000 each to the general public. The red cars have manufacturing costs of $12,500 each for variable and $5,000 each for fixed costs. The division's total fixed manufacturing costs are $25,000,000 at the normal volume of 5,000 units.
The Blue Car Division has been unable to meet the demand for its cars this year. It has offered to buy 1,000 cars from the Red Car Division at the full cost of $16,000. The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.
Explain whether the Red Car Division should accept the offer. Support your decision showing all calculations.
The following conversation took place between Dean Lancaster, vice president of marketing, and Dina Conaway, controller of Redwood Computer Company:
The prepaid insurance account had a balance of $11,400 at the beginning of the year. The account was debited for $12,700 for premiums on policies purchased during the year.
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.
In connection with the issue of bonds at a premium or a discount, what does the term carrying value of bonds mean? What would the carrying value be at maturity date?
Net loss is $130,000 and the partners have no written partnership agreement.
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
Prepare an income statement for the adjusted trial balance of Hanson Storage. Prepare a balance sheet from the adjusted trial balance of Hanson Storage
At the end of the current month 8,200 units were started but were not completed in the Mixing Department. The units were 90% complete with respect to material, but conversion was only 20% complete.
Analyze the difference between discretionary and nondiscretionary fiscal policy. Explain the effects of discretionary and nondiscretionary fiscal policy on governmental revenue and expenditures.
Gridley issued a 20% stock dividend on May 1. On August 1, Gridley purchased 140,000 shares and immediately retired the stock. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for..
What do following risk categories mean - planned detection risk, inherent risk, control risk, acceptable audit risk? Examples? How do we as auditors deal with them?
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