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During the first year of operations,Shapiro tool ccumulated the following manufacturing costs:
a) Raw materials purchased on account $ 8000
b) Factory labor accured 6000
c) Incurred manufacturing overhead on account 4000
Instructions:
Prepare separate journal entries for each manufacturing cost.
When calculating debt to equity ratio: A) Convertible bonds should be treated as debt B) Convertible bonds should be excluded from debt but not included in equity
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%.
Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..
Calculate the following variances: Direct manufacturing labor rate variance, Direct manufacturing labor usage variance, Direct materials price variance (how we did it in the chat session), Direct materials usage variance
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In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
Some people have more taxes withheld from their paychecks than is needed in order to get a refund every spring. Why would they do this? Do you agree with this strategy for a taxpayer?
Arntson Corporation's net income last year was $7,975,000. The dividend on common stock was $8.20 per share and the dividend on preferred stock was $3.50 per share. The market price of common stock at the end of the year was $59.10 per share.
This project is expected to generate $44,000 of net cash inflows each year of its 6 year life. The project has no salvage value. What was the initial investment required for this project?
What is the amount and character of Winchester's gains and losses before the 1231 netting process?
Discuss the implied warranty of merchantability and the implied warranty for fitness for a particular purpose. Which rule requires that the seller be a merchant?
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