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Department A had 4,000 units in work in process that were 60% completed as to labor and overhead at the beginning of the period, 29,000 units of direct materials were added during the period, 31,000 units were completed during the period, and 2,000 units were 80% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.
The number of equivalent units of production for conversion costs for the period was:
a. 30,200 b. 29,800 c. 33,800 d. 33,000
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
Identify the components of internal control to which each policy or procedure relates. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list.
What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why? 200-250 words please.
The auditors best defense against lawsuits would be that..... a. The client was aware of the misstatments b. Client actions contributed c. Audit was conducted in accordance with GAAS. d. Identity of the plaintiff was not known
Palmiero bought a franchise from Dougherty Co. on January 1, 2011, for $350,000. The carrying amount of the franchise on Dougherty's books on January 1, 2011, was $500,000.
Rollincoast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 11.5%. Long-term risk-free government bonds were yielding 8.7% at that time.
The director of capital budgeting for Big Sky Health Systems, Inc., has estimated the following cash flows in thousands of dollars for a proposed new service.
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income.
On July 1, 2009, Cheryl pays the entire real estate tax of $5,475 for the year ending December 31, 2009. a. How much of the property taxes may Phil deduct?
Assume you are opening a small food outlet across the street from your campus. How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
On February 1, 2011, Charo Mendez purchased 6% bonds issued by CR Utilities at a cost of $30,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2011, prepare entries to record Mendez's July 31 receipt..
John has $55,000 net earnings from the sole proprietorship. John is also employed by a major corporation and is paid $25,000. John' self-employment tax in 2013 is:
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