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Jordan and Taylor became friends after meeting on a reality cooking show. They have recently decided to start an Internet business to sell their delicious chocolate brownies. Their knowledge of business, unlike their totally awesome culinary skills, is questionable. Knowing that you are accounting students, they will be asking you advice now and then. You received a text that Jordan and Taylor were on their way. When they arrived, you could smell the aroma of fresh baked brownies. You are glad that you purchased a gallon of milk earlier in the day. Jordan hands you a list of ingredients for their special recipe. Meanwhile, Taylor is concerned that more than just their labor and ingredients should be taken into consideration to properly gauge a selling price. An Internet gourmet foods company, “Yumminess”, will be including “Chocolate Attack Brownies” (CAB) in their online catalog. CAB will be sold in square tins and captioned with personal greetings. Jordan negotiated a selling price to Yumminess at $10 per tin. The product cost is $8 per tin, which includes $6 of direct material and $1.50 of direct labor. Annual manufacturing overhead is estimated at $100,000 for the expected sales of 200,000 tins. Operating expenses are projected to be a fixed annual amount of $80,000. If 200,000 tins are sold, was is the total Net Income?
How does British Airways, Plc. (BA)account for “other current interest-bearing deposits”? Is that consistent with U.S. GAAP? What is the amount of those investments that are maturing after three months, as of March 31, 2009?
The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2013. At December 31, 2012, inventories were $112,000 (average cost basis) and were $116,000 a year earl..
the president of the corporation is not convinced that interest expense should be excluded from the evaluation of the
The Bell Weather Co. is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 20% a year for the next four years and then decreasing the growth rate to 5% per year. The company just paid its annual div..
cost of common equity and wacc.midwest electric company mec uses only debt and common equity. it can borrow unlimited
Who pays the tax and how is it calculated?- What are the reporting and remitting requirements during the year?- What are the reporting requirements at year-end?
Why were inventories recorded at market value? What are consignment inventories, and why were they excluded from the balance sheet valuation?
Financial Statement Accuracy Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. make atleast (2) recommendations for improving the accuracy and reliability of the infor..
Please construct a cost volume profit (break-even) chart based on the following information: Unit selling price = $80.00 Unit variable cost =$30.00 Total fixed cost = $150,000.00 Relevant range of production is 0 to 10,000 units. Identify the vertica..
Susans salary is 44,000 and she received dividends of 600. She recieved a statement from SJ partnership indicating that her share of the partnership's income was 4,000. The partnership distributed 1,000 to her during the year and 600 after year end. ..
Computation of Common stock dividend - the common stockholders should receive 2008 dividends totaling
Differentiate between the various costing methods used to determine the cost of products. consider all the processes involved in making the computers including the subassemblies (e.g., component parts) and supplies which comprise the finished compute..
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