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Onyx Company has prepared a static budget at the beginning of the month. At the end of the month, the following information has been retrieved from the records. Static budget: Sales volume: 2,000 units: Price: $70 per unit Variable expense: $32 per unit: Fixed expenses: $37,500 per month Operating income: $500
Actual results: Sales volume: 990 units: Price: $74 per unit Variable expense: $35 per unit: Fixed expenses: $33,000 per month Operating income: $5,610 Calculate the flexible budget variance for fixed expenses.
A study has been conducted to determine if one of the departments in Parry Company should be discontinued. The contribution margin in the department is $50,000 per year. Fixed expenses charged to the department are $65,000 per year. These data indica..
LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 3,500 shares of its $19 par value common stock. The owners’ asking price for the land was $123,000, and the fair ..
Explain how and why some changes in accounting principle are reported prospectively. Explain how and why changes in estimates are reported prospectively. Describe the situations that constitute a change in reporting entity.
The standard cost of Product B manufactured by MIT Company includes 2.70 units of direct materials at $6.80 per unit. During June, 27,300 units of direct materials are purchased at a cost of $6.69 per unit, and 27,300 units of direct materials are us..
1. partner investments journal entries. the lp partnership was formed on 1st january 19x7 by investments from bill levy
Services for the initial fee will be performed in 2011. What amount of net unearned franchise fees would Potter report at December 31, 2010?
U.S. tax laws allow companies to defer taxes on their profits from international operations until the funds are returned to the U.S. Many companies keep a significant portion of the cash in foreign bank accounts, or reinvest it in factories and/or ac..
Department S had no work in process at the beginning of the period. 13,934 units of direct materials were added during the period at a cost of $97,538, 10,451 units were completed during the period, and 3,483 units were 36% completed as to labor and ..
Compute the cash dividends Remember where dividends fit in the financial statements: beg retained earnings + net income - dividends = ending retained earnings
Discuss how a company can use intercompany transactions to manipulate corporate earnings. Evaluate how the company has treated its intercompany transactions and whether or not you agree with this treatment. Explain.
A partnership agreement on May 1, 2015. Farrell contributes $50,000 and Jimmy contributes $150,000 as their capital contributions. They decide to share profits and losses in the ratio of their respective capital account balances.
Kim is determining her retirement plan. Consider she has $500,000 when she retires in an account that earns at an effective annual rate of 9 percent.
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