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Simple Comparison of Variable and Absorption CostingKhalid Company began business on January 1, 20X1, with assets of $150,000 cash and equities of $150,000 capital stock. In 20X1, it manufactured some inventory at a cost of $60,000 cash, including $16,000 for factory rent and other fixed factory overhead. In 20X2, it manufactured nothing and sold half of its inventory for $43,000 cash. In 20X3, it manufactured nothing and sold the remaining half for another $43,000 cash. It had no fixed expenses in 20X2 or 20X3.
There are no other transactions of any kind. Ignore income taxes. Prepare an ending balance sheet plus an income statement for 20X1, 20X2, and 20X3 under (1) absorption costing and (2) variable costing (direct costing). Explain the differences in net income between absorption and variable costing.
Some companies implement systems to reduce defects in finished products with the goal of achieving zero defects. What are these systems called?
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
At what level of sales (in units) for the two-month period should Birch Company be indifferent between closing the plant or keeping it open? Show computations.
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
Staley Company has a standard of 1.5 pounds of materials per unit, at $4 per pound. In producing 2,000 units, Staley used 3,100 pounds of materials at a total cost of $12,090. Staley's materials price variance is:
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
Scott Company's variable expenses are 72% of sales. The company's break-even point in dollar sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
Below is the summary of the subsidiary's expected pre-tax cash flows for the first five years in each location. Even though most operating cash flows will be in pesos or bahts, the company anticipates some US dollar denominated expenses.
What is the purpose of a deposition at the trial phase?
You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
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