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During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000.
A-whats is the amount of gross profit?
B-compare the gross profit percentage(gross profit divided by sales)
C-will the income statement necessarily report a net income. Explain.
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
The part of the variable overhead budget variance due to the difference between actual hours required and standard hours allowed for work done is called the:
Vases take an average of 15 minutes to manufacture, and the machine that produces the vases has an annual capacity to run 4,000 hours. What is the average wait time for production?
Calculate the amount of interest that Mason should capitalize in 2013 and 2014 using the weighted-average method. (Do not round your intermediate calculations. Enter your answers in whole dollars.)
Tracy co. owns 4,000 of the 10,000 outstanding shares of penn corp. common stock. during 2010, penn earns 120,000 and pays cash dividends of 40,000. if the beginning balance in the investment account was 240,000 the balance at december 31, 2010 sh..
CalCount pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and 401(k) withholdings of $9,000. What is the effect of assets and liabilities from this transaction?
The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs to boxes of biscuits. Which of the following costs can be traced directly to boxes of biscuits?
Guagliano Corporation produces and sells a single product whose selling price is $110.00 per unit and whose variable expense is $29.70 per unit. The company's monthly fixed expense is $345,290.
The average stockholders' equity was $680,000. What is Thomas Company's return on equity (ROE)?
Don pays Cardinal Construction Corporation $2.8 million to do the work. Don also pays an architect $400,000 to draw up plans for the project. Because the rewiring requirements are so extensive, Cardinal pays Dove Electric Company $500,000 to handl..
The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of..
Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..
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