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Information about Indiana Industrial's utility cost for the last six months of 2010 follows. The high-low method will be used to develop a cost formula to predict 2011 utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data for the first half of 2010 are not being considered because the utility company imposed a signifi cant rate change as of July 1, 2010.
Month Machine Hours Utility CostJuly 33,750 $13,000August 34,000 12,200September 33,150 11,040October 32,000 11,960November 31,250 11,500December 31,000 11,720
a. What is the cost formula for utility expense?
b. What is the budgeted
Post beginning balances in ledger accounts (t-accounts) from the December 31, 2009 post-closing trial balance. Prepare journal entries to record each transaction for DeeDee's Designs. (A general journal is provided. Multiple pages will be needed.)
evaluate the logic of reflecting key person life insurance in the operating activities of the cash flow statement and determine if this presentation is misleading to users of the financial statements.
Accurately define the differences between Muslims and Arabs, giving examples of the geographic locations of concentrated populations of both in the United States and in the Middle East.
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The books of EZ Company, a calendar year taxpayer, had the following assets and related information as of December 31, 2011. EZ's policy is to record depreciation on December 31 by way of a journal entry.
Abby and Co. reported a retained earnings balance of $500,000 at December 31, 2010. In September 2011, Abby and Co. determined that insurance premiums of $90,000 for the three-year period beginning January 1, 2010, had been paid and fully expensed..
Assume you are the decision maker for IndustryWeek. Given the declining value of the reader response card to subscribers, originally designed as a value-enhancing service to IW readers and advertisers alike, what further research might be suggeste..
What is the purpose of the CUT-OFF audit objective as applied to ACCOUNTS RECEIVABLE?
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
How are franchise fees, royalty fees, and KKM&D sales with these joint ventures reflected in the Company's consolidated financial statements? What issues might arise in analyzing intercompany sales transactions?
Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck.
assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
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