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Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000. What is the budgeted dollar amount of merchandise purchases for December?
Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share.
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Jenny Carson invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jenny decided to withdraw the accumulated amount of money.
Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of the first year; $2.20 at the end of the second year; and $2.40 at the end of the third year.
William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting.
You realize that your accounting services are why Eric's Elmhurst Motorcycle has both stayed afloat and even prospered through the years.
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years.
The best investor of all time, Warren Buffet, talks about investing in "capital efficient" businesses. Coca Cola falls into this category since it generates great sums of cash with minimal investment in capital.
Fixed manufacturing overhead costs released from inventory under absorption costing amounted to $32,900. What was the absorption costing net operating income last year?
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