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Lagerfield Company reported the following results from the sale of 5,000 hammers in May: sales $200,000, variable costs $120,000, fixed costs $60,000, and net income $20,000. 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?
A) 4,000.
B) 4,300.
C) 4,500.
D) 5,000.
The total unamortized bond discount at the date of conversion was $500,000. What amount should Madison credit to the account "Paid-In Capital in Excess of Par" as a result of this conversion assuming Madison does not want to recognize any gain (or..
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
The owner's equity in a business amounted to $56,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to ..
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Belle Co. received merchandise on consignment. As of March 31, Belle had recorded the transaction as a purchase and included the goods in inventory. What would be the effect of this on its financial statements for March 31?
Sara Shoppe has invested $100,000 in an account at her local bank. The bank will pay her a constant amount each year for 6 years, starting one year from today, and the account's balance will be 0 at the end of the sixth year. If the bank has promi..
Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount?
Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
which accounting process is the recognition or non-recognition of business activities as accountable events?
In a business combination accounted for as an acquisition, how should the excess of fair value of identifiable net assets acquired over implied value be treated?
Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
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