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Berkley Co.'s sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales.
Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:
For each of the following situations, indicate what type of audit report is most appropriate.
For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.
For the most recent year, Wilson Enterprises had sales of $689,000, cost of goods sold of $470,300, depreciation expense of $61,200, and additions to retained earnings of $48,560.
Salter Inc.'s unit selling price is $50, the unit variable costs are $35, fixed costs are $125,000, and current sales are 10,000 units. How much will operating income change if sales increase by 5,000 units?
A 10-year, $1,000 face value bond has an 8.5% annual coupon. The bond has a current yield of 8%. What is the bond's yield to maturity?
What would be the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as is as scrap?
When property is transferred, the gift tax is based on:
Assume that Lagerfield increases the selling price of hammers by 10% on June 1. How many hammers will have to be sold in June to maintain the same level of net income?
Compute turnover rates for 2011 and 2010 for the following: (a) Finished Goods (b) Goods in process (c) Raw Materials
Assuming that the long-term tax-exempt rate is 5%, what is the maximum amount Soft should be willing to pay Hard for its NOL, if Soft uses a 10% discount factor (which is 6.145) for this decision?
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