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A review of the income surplus account shows that the net profit after tax for the year was $968000. The gross profit on sales was 40% and net profit as a percentage of net sales was 8% . The tax rate is 25%. selling and administrative expenses were the same amount.
required: show the income statement reconstructed.
Calculate the total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming FIFO is used
The FASB was influenced by feedback from interested parties when pension accounting rules were developed. Please cite one example of this occurrence, and provide your opinion as to the FASB's decision.
David and Mary smith together earn $54,000 per year, David and Mary would like to buy a home for $200,000. They have one child. The new mortgage is $160,000 at 6 1/4 for 30 years for $985.15 per month. what is the maximum percentage of monthly mortga..
Compare and contrast the equity method, the initial value method, and the partial equity method for internal investment accounting. What are the differences? How do those differences affect reporting of the investment and income account?
Sabor Company produces 18-ounce boxes of an oat cereal. Calculate costs transferred out of each department. Prepare journal entries that reflect these cost transfers.
Which of the following is considered a part of factory overhead cost? The term used to refer to the cost of changing direct materials into a finished manufactured product is:
A service contract offers free or low-cost repairs to the product
Journalize the activities from job cost sheets in the general journal. Also journalize the other costs that occurred during this period of time.
Actual sales volume was 5 percent less than budget. What was the sales price variance for the year? Label this variance F (favorable) or U (unfavorable), as appropriate.
Develop a 2-page spreadsheet that you will deliver to the director and staff containing an annual generic annual budget for the RTWMTC.
On November 18, 2014, equipment is stolen from ABC manufacturing. ABC purchased the equipment for $100,000 and its adjusted basis is $0. The insurance company paid ABC $20,000 for its loss on January 6, 2015. How long does ABC have to purchase qualif..
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventories, $36,000; Calculate total current assets and total current ..
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