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East, Inc. had beginning inventory of $10,000, purchases of $25,000, and ending inventory of $5,000. What is East's cost of merchandise sold?
a. $10,000
b. $25,000
c. $5,000
d. $30,000
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
Soap Corporation issued a $350,000, 6% 15-year mortgage note to obtain needed financing for new office. The terms of the note call for semiannual payments of $17,857 each. Prepare the entries to record the mortgage loan and the first installment.
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
Identify literature that addresses disclosure of accounting policies.. how are the accounting polocies defined.. what are the 3 scenarios that would result in detailed disclosure of accounting methods used.
A company with a higher contribution margin ratio is: a) more sensitive to changes in sales revenue. b) less sensitive to changes in sales revenue.
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
Davie Corporation is preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable factory overhead rate is $6.00 per direct labor-hour; the budgeted fixed factory overhead is $92,000 per month, of which $16..
Define three classifications within other comprehensive income and give an example of each.
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
Assume total liabilities are $40,000, total stockholders' equity $75,000, and all assets, other than current assets, total $50,000. What would be the amount of current assets?
Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, net income under absorption costing would be:
Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2011?
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