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On March 5th, Blowout Sales makes $22,500.00 in sales on the company's own credit cards. The cost of merchandise sold are $16,825.00. Journalize the sales and recognition of the cost of merchandise sold.
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54000 and the direct materials cost was $34000, the direct labor cost was:
Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property.
Calculate the amount of amortization that should be recorded on December 31, 2002.
Compute the total cost per ton of ore mined in the first year. (Show computations by setting up a schedule giving cost per ton.)
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
Describe Parts I and II of the Foreign Corrupt Practices Act. What is the impact of this act on companies and public accountants? Explain.
Assume that actual cash inflows turn out to be $91,000 per year. Determine the amount of Mr. Holt's bonus if the original computation of net present value were based on $90,000 versus $70,000.
Gordon uses a minium desired rate of return of 12% for selecting new projets and for evaluating the three divisions using residual income (RI). The firm's weighted-average cost of capital is 8%.
On September 3, 2009, Able purchased S 1244 stock in Red Corporation for $6,000. On December 31, 2009 the stock was worth $8,500. On August 15,2010 Able was notified that the stock was worthless. How should able report this item on his 2009 and 20..
All adjustments affect one balance sheet account and on income statement account. For each of these situations, Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
On comparative income statements issued in 2010 for the years of 2007, 2008, and 2009, what would Smith report as its income derived from this investment in Barker?
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