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During 2013, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns.
1) Record the anticipated sales return.2) Record estimated return of inventory.
hampton corporations research and development department is presenting a proposal for new product research. the new
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
A corporation operates a highly automated flexible manufacturing facility. The capital-intensive nature of the corporation's operations makes internal control over the acquisition and use of fixed assets important management objectives.
on december 31 2011 hurston inc. borrowed 3000000 at 12 payable annually to finance the construction of a new building.
double-entry accounting is an accounting system that records each transaction twice. that records the effects of
Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per pers..
blue lagoon corporation is projecting a cash balance of 31000 in its december 31 2012 balance sheet. blue lagoons
equipment of 430 million and other assets totaling 170 million. current liabilities are 170 million and long-term
from the balance sheetcash............................................................. 30000
Paulsen Company sells 100,000 units for $15 a unit. Fixed costs are $350,000 and net income is $250,000. What should be reported as variable expenses in the CVP income statement?
NetCo, a US corporation, is planning to start operating in Argentina. NetCo has formed a 100% owned subsidiary in Argentina, ArgCo. NetCo contributes a number of assets to ArgCo in exchange for all of ArgCo's stock. ArgCo will use the asset..
denton company has a large portion of its plant assets concentrated in an area where technology is changing rapidly.
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