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Raphael Ochoa is puzzled. His company had a profit margin of 10% in 2008. He feels that this is an indication that the company is doing well. Cindy Lore, his accountant, says that more information is needed to determine the firm's financial well being. Analyze the situation and determine who is correct and support your position.
You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts.
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month for 60 months, or $60,000 total.
Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
The following information was available for Bowyer Company at December 31, 2010: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $660,000; and sales $900,000. Bowyer's inventory turnover ratio in 2010 was:
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
Which of the following is the most probable reason a company would experience an unfavorable labor rate variance and a favorable labor efficiency variance?
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