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A local pest control company has purchased equipment costing $150,000 with an estimated lifetime of 7.5 years using straight line depreciation. Additional fixed costs per year are $100,000. Variable costs per pest control service are $40 and the price per unit averages $125. What will annual profit be if the company services 475 customers annually?
Record in good journal entry format the following transactions:- April 10, 400 units of raw materials were purchased at $5.50.
The company will pay these amounts early next year. Show what Potvin will report for the foregoing on its income statement and year-end balance sheet.
What action is required? Ignore taxes. Illustrate what action is required if the error is not discovered until 4 years after it occurred?
What evidence do you observe from analyzing the financial statements that might signal the cash flow problems experienced in mid-Year 14?
Armstrong Company maintains perpetual inventory records. The company's inventory account had a $6,500 balance as of December 31, 2014. On that date, a physical count of inventory showed only $6,100 of merchandise in stock. The write-down to recognize..
Equity and Liabilities of the business. You need to indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected- Prepare the statement of comprehensive income for Tracey's Toy Shop for ..
On January 1, 2013, a corporation retired $500,000 of bonds at 99. At the time of retirement the unamortized premium was $15,000 and the unamortized bond issue costs were $5,250. Prepare the corporations journal entry to record the reacquisition of t..
Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009 income statement. Compute the amount of cash payments to suppliers.
There are many situations that may motivate managers to commit financial statement fraud. Please list at least two situations that you feel would be good motivation for managers to commit financial statement fraud. In addition to listing these situat..
Orchard has forecast sales to be $125,000 in February, $141,000 in March, $158,000 in April, and $142,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit and sales are collected 60% in the month of sale, and 40% t..
Prepare journal entries for items a through d and the adjusting entries as of its December 31 period end for items e through g.
determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel etc), either by salary or number of employees.
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