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Seleted information take from the accounting records of Rigor Company follows:Net Accounts Receivable at 12/31/10 $800,000Net Accounts Receivable at 12/31/11 $900,000Accounts Receivable Turnover 7 to 1
Inventories at 12/31/10 $1,000,000Inventories at 12/31/11 $1,200,000Inventory Turnover 3 to 1
Required:a. What was Rigor's gross margin for 2011?b. Suppose there are 360 business days in the year. What was the number of days' sales outstanding in average receivables and the number of days' sales outstanding in average inventories for 2011, respectively.
How much total cash did Markus raise through the January 15, 2011, stock issuance? How are these journal entries recorded?
Hungry Bites produces corn chips. The cost of one batch is below: Direct materials $18; Direct labor 13.00; Variable overhead; 11.00; and Fixed overhead 14.00.
At the end of the year prior to the sale, Rita's basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair mark..
When designing an information system, the designers are increasingly concerned with the risks associated with technology and information system. Write a memo to the Vice President explaining to him the general nature of risk.
During the year, Samuels Company reported net income of $300,000, including amortization of intangible assets of $66,000, depreciation of plant assets of $132,000, and amortization of premium on investment in bonds of $20,000. Applying the indirec..
BUACC2606 Financial Accounting, Discuss the above quotation, particularly as it applies to non-current assets. Do you consider Chamber's assertion is justified?
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
Debt investments are recorded at the : a. face value of the bonds purchased. b. face value of the bonds purchased plus interest. c. price paid for the bonds plus interest. d. price paid for the bonds plus brokerage fees
Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.
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