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At the end of the fiscal year, Apha Airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. The company prices its inventory at the lower of cost or market. If the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?
TMI is a calendar year personal service corporation which reports income on a calendar year end basis. TML is also a personal holding company. TML had $125,000 of taxable income during the year. It is now December 31st.
Joyce's office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives.
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration.
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the thre..
Bayani Company is planning to sell 100,000 units for $3 a unit and will just breakeven at this level of sales. The contribution margin ratio is 40%. How much are the company's fixed costs?
What would be the transfer price if the company uses a policy of setting the transfer price at variable cost plus a 20% markup?
How does activity-based costing differ from other forms of costing? What about activity-based management? Are activity-based costing and management suitable to all companies? Why or why not?
A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000-the Enterprise Fund will report total other financing sources in the amount of
Expensens accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
Prepare a differential analysis report, dated June 15 of the current year(2009), on whether the equipment should be leased or sold.
What is the difference between accural-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance
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