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Gentry Company produces speaker systems for trucks. Estimated sales (in units) in January are 20,000; in February 25,000; and in March 22,000. Each unit is priced at $45. Gentry wants to have 25% of the following month's sales in ending inventory. That requirement was met on January 1. Each speaker system requires 2 boxes and 10 yards of wire. Boxes cost $5 each and wire is $0.90 per yard. Gentry wants to have 30% of the following month's production needs in ending raw materials inventory. On January 1, Gentry had 9,000 boxes and 100,000 yards of wire in inventory. How many boxes does Gentry expect to purchase in January?
Describe the following terms and their relative importance to stock issues: IPO, underwriter, spread, prospectus, underpricing.
Which of the following is a contingency that should be accrued?
Calculate the initial return earned by investors who are allocated shares in the IPO. What is the total cost ( underwriting fee and underpricing) of this issue to WCMC?
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Transparency and Disclosure: A company's overall policy for controlling and disseminating inside information must meet the standards for transparency and disclosure. What would the company's specific financial reporting objectives be with respect t..
How has automation aided the preparation, accuracy, and use of the financial statement worksheet and completion of the financial statements? What automation tool has been most useful to you?
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
Consider the following economy: Write numerical formula for IS curve. Write numerical formula for LM curve. What is equilibrium level of r?
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