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Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
Manufacturing overhead is allocated to products based on the number of machine hours required. In a year when 20,000 machine hours were anticipated, costs were budgeted at $125,000.
The Chandler Corporation began business on January 2, 2007. It is now time for Chandler to prepare its financial statements for 2007. The bookkeeper at Chandler was able to complete the asset section of the balance sheet, but he needs your help to..
Compute the rate variance, the efficiency variance, and the total direct labor cost variance for each of these two months. (Input all amounts as a positive value.
Stan's Wholesale buys canned tomatoes from canneries and sells them to retail markets. During August 2009, Stan's inventory records showed the following: Calculate the cost of goods sold and ending inventory using the following cost flow alternati..
Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls
During 2012 Daveo sells inventory costing $200,000 to BUA301co for 400,000 on credit. Daveo is concerned about collectability of the receivable so accounts for the transaction under the installment Sales method. Before the end of the year BUA301co..
Role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet and how is cash-basis accounting different from accrual-basis accounting
The records of Nevada Co. indicated that $420,000 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage ..
The Ness Company sells $5,000,000 of five-year, 10% bonds on January 1, 2011. The bonds have an effective yield of 9%.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..
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