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Lacome company produces computer software that Kozuch, Inc., sells. Lacoma recieves a royalty of 15 percent of sales. Kozuch pays royalties to Lacoma semiannually on May 1 for sales made in July through December of the previous year and on November 1 for sales made in January through June of the current year. Royalty expense for Kozuch and royalty income for Lacoma in the amounts of $12,000 were accrued on December 31, 2013. Cash in the amounts of $12,000 and $20,000 was paid and recieved on May 1 and November 1, 2014 respectively. Software sales dueing the July to December 2014 peroid totaled $300,000.
Calculate the amount of royalty expense for Kozuch and royalty income for Lacoma during 2014.
Record the adjusting entry that each company made on December 31, 2014
greene company uses a plantwide overhead rate with direct-labor hours as the allocation base. use the following
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
Calculate ending inventory and cost of goods sold for January using average cost. (Round your intermediate calculations to 3 decimal places. Round your average cost values to the nearest dollar amount.
Journalize the transactions. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2013 transactions.) Rivera uses straight-line depreciation for buildings and equipment.
a company produces only one product. normal capacity is 0000 units per year and the unit sales price is rs.5 relevant
Describe the two major obligations incurred by a company when bonds are issued. Magda and Helga are discussing how the market price of a bond is determined.
the rass hotel is a full-service hotel in a large city. empire is organized into three departments that are treated as
Assume the states between years are independent, an interest rate of 6%, and state 1 is realized in year 1. Show the balance sheet, income statement, and residual income / goodwill analysis for year 1.
Johnstone Company acquires the land and building owned by Briggs Company. What types of costs may be incurred to make the asset ready for its intended use if Johnstone Company wants to use only the land?
the following petty cash transactions of lexite laminated surfaces occurred in augustaug 1 established a petty cash
Particularly important to financial statement users.
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