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You are considering opening a kiosk in themall that will sell customizable aprons. You need to borrow money fromt eh bank to get the business started and estimate that you will need approximately $20,000. The bank would like you to prepare an estimated profit statement showing what the expectations of the company are. You will pay $6 for the aprons and will sell them for $10. You estimate that you can sell 1,000 aprons per month. The cost of paint and supplies to customize the shirts aprons will be $1 per apron. The cost of rent of the kiosk will be $500/month. Utilities will be $200/month. Wages of worker will total a $1,000 per month.
a. Calculate the estimated profit of your company for the first year of operation.
The material price variance was 1370 favorable and find the standard price per kilogram for raw material?
Assume the Company requires income of $14,000, how much in dollars does Timberland have to sale to achieve $14,000 profit?
Brimful Corp incurred the following manufacturing costs this period: dirct labor, $912000; direct materials, $782000; and factry overhead, $219000. Compute overhead costs as a percent of (1) dirct labor and (2) dirct materials.
One class of deductions is variously described as deductions for AGI, above-the-line deductions, and page 1 deductions. Explain the meaning of the various designations.
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
The auditors wish to test the valuation of accounts receivable in the audit of Seaside Enterprises. The client has $5,000,000 of total recorded receivables, composed of 2500 accounts.
Locate the annual financial statements of a publicly held company on the Internet. Review the balance sheet and the accompanying notes to the financial statements.
Innovation, Inc., a 501(C) (3) medical research organization, makes lobbying expenditures of $1.1 million. Innovation incurs exempt purpose expenditures of $15 million in carrying out its medical research mission.
Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year. Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the fi..
While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
Prepare a standard cost summary showing the standard unit cost. Calculate the material and labor variances. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or un..
It did not pay any dividends during the year. By what amount would Athlon's investment in Opteron Corporation increase for the year, if Athlon used the equity method.
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