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Harnish Corporation is developing standards for its products. One product requires an input that is purchased for $55.00 per kilogram from the supplier. By paying cash, the company gets a discount of 8% off this purchase price. Shipping costs from the supplier's warehouse amount to $5.17 per kilogram. Receiving costs are $0.28 per kilogram. Each unit of output of the product requires 0.75 kilogram of this input. The allowance for waste and spoilage is 0.04 kilogram of this input for each unit of output. The allowance for rejects is 0.11 kilogram of this input for each unit of output.
The standard price per kilogram of this input should be:
a. $55.00
b. $56.05
c. $53.95
d. $64.85
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
What is the return on common stockholders' equity?
What is the budgeted net income for February.
The town of Seaside has decided to construct a new sea aquarium to attract tourist. The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how t..
Which of the following is a significant disadvantage of a general partnership
Jeremy reported net income of $50,000 for 2003. Non-controlling interest income that will appear in the consolidated income statement for 2003 is:
When computing the weighted-average number of shares outstanding during the year for the purpose of calculating diluted EPS, what is the proper treatment of a midyear issuance of securities convertible to common stock?
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
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