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The Alperti Company manufactures surgical gowns for hospitals. Their controller, Ethell Hieken is preparing the variance analysis report for October. Standard Costs are as follows:
Direct Material 2.0 yards at $6 per yardDirect Labor 0.25 hours at $12 per hour
During October, Ms Hieken's report shows:
100,000 gowns produced
175,000 yards of fabric purchased at a cost of $1,137,500
185,000 yards of fabric used
Employees worked 24,000 hours at a cost of $276,000
What is the material price variance?
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory
How are journals and ledger used in processing transactions? If a manufacturing company were to maintain special journals for purchases, sales, cash receipts, and cash disbursements, describe five journal entries that an AIS might make directly to..
On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000.
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
Amounts paid on June 30 for a 1-year insurance policy, Professional fees earned but not billed as of June 30
Discuss the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007. Prepare the income tax expense section of the income statement for 2007, beginning with the line "Income before income taxes."
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
Recording Transactions Affecting the Enterprise Fund and Business-Type Activities, Prepare general journal entries to record the December 31, 2013, accounts and balances for the Water Utility Fund, selecting the corresponding accounts from drop-down..
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