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Norris Company produces a product that requires six standard pounds per unit. The standard price is $1.25 per pound. If 500 units required 2,900 pounds. which were purchased at $1.30 per pound. what is the direct materials (a) price variance, (b) quantity variance, (c) cost variance, (d) variance per pound?
Define the management's discussion and analysis. Describe in a memo, the major items disclosed in this section of the financial report.
At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold..
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
How might a partner withdrawing in violation of the partnership agreement and without the consent of the other partners be treated? What about a partner who is forced to withdraw?
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
The Pearce Club, Inc., is considering investing in an exercise machine that costs $5,000 and would increase revenues by $1,500 a year for five years. The machine would be depreciated using the straight-line method over its useful life and have no ..
The Audit Committee of the board of Directors is unfamiliar with the professional and ethical standards that govern the conduct of an audit and the issuance of an audit opinion.
assume that interest and premium or discount amortization have been recorded through january 1, 2013 .Record interest and amortization on only the bonds retired.
Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.
Compute the resulting increase or decrease in Omega's taxable income. Explain each step
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