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Ranger Company produces men's shirts. The following budgeted and actual amounts are for 2010:
Cost Budget at 2,500 units Actual Amounts at 2,900 unitsDirect materials $55,000 $65,500Direct labor 70,000 81,000Fixed overhead 35,000 34,500
Instructions:
Prepare a performance report for Ranger Company for the year.
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
Sure Tea Co. has issued 7.2% annual coupon bonds that are now selling at a yield to maturity of 10% and current yield of 9.9987%. What is the remaining maturity of these bonds? (Do not round intermediate calculations. Round your answer to 2 decima..
How would a balanced scorecard for Chadwick, Inc. differ from ones developed in its divisions, such as the Norwalk Pharmaceutical Division? Do you anticipate that there might be major conflicts between divisional scorecards and those of the corpor..
Palmiero bought a franchise from Dougherty Co. on January 1, 2011, for $350,000. The carrying amount of the franchise on Dougherty's books on January 1, 2011, was $500,000.
Inventory observations involve an auditor understanding the company's planned counting procedures, so that the auditor can conclude the count was adequately planned and executed.
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Tranquility, Inc., an exempt organization, leases factory equipment to Blouses, Inc. Blouses is a taxable entity that manufactures women's clothing for distribution through upscale department stores.
consider two bonds. One is maturing in 5 years and one matures in 10 years. Each has a coupon of 8% paid annually. Each is priced to yield 9% as follows: 5 years $961.10 and 10 years $935.82. Why the difference in price?
The ABC Co. has no debt in its capital structure, a beta of 0.8, and raises all funds through sale of common stock. The current market rate for similar stock is 14% and the risk-free rate is 6%.
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
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