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An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on the second. Find the actual cost of each artwork.
V Company's product has a labor standard of 2 hours per unit. For 2011, it estimates its production will be 200,000 units (400,000 DLHs). It budgets total overhead at $900,000, which results in a fixed overhead rate of $1.50 per hour.
Which is better, statistical sampling or non-statistical sampling? Why? Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?
Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
Why is essential that the planning functions of controllership can help an organization effectively and efficiently achieve a goal?
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Megan made two announcements concerning its common stock today. First, the company announced that its next annual dividend has been set at $2.16 a share.
A savings account was opened for a baby on 1985 with a $100 deposit. No withdrawls or deposits occurred since the account was opened. The current balance of the account is $246.47.
With that said, is pursuit of ALL self interest in contract unethical? If not, at what point does it become unethical?
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