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The state of Florida sold a total of $36.1 million worth of lottery tickets at $1 each during the first week of January 2007. As prize money, a total of $41 million will be distributed over the next 21 years ($1,952,381 at the beginning of each year). The distribution of the first-year prize money occurs now, and the remaining lottery proceeds are put into the state's educational reserve funds, which earn interest at the rate of 6% compounded annually.
After the last prize distribution has been made (at the beginning of year 21), how much will be left over the reserve account?
Which of the following is most associated with managerial accounting? a) must follow GAAP b)may rely on estimates and forecast c) is prepared for users outside the organization d) always reports to the entire entity
Calculate amount of realized gross profit on installment sales and deferred gross profit to be reported in the year end financial statements of Locken Corporation for the three years noted.
Laura’s Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $580,000 in December. Because Laura’s Dress Delivery is in the mail-order business, all sales are made on account. Determine the..
With no beginning work in process inventory, how much is conversion cost per unit if ending work in process was 25% complete and total conversion costs equaled $50,000
Whitmer inc. sells to customers all over the u.s., and all receipts come in to it's headquarteres in New York City. The firm's average accounts receivable balance is $2.5 million, and they are financed by a bank loan at an 6.5% annual interest rate.
Prepare a retained earnings statement for the fiscal year ended August 31, 2012.
Management reports have been a prominent topic the past few years. The term “Management Reports” can be understood in a variety of different contexts and applications. A management report is also included in the annual report to shareholders. An annu..
Vizla Inc. has sales of $1,200,000, and the break-even point in sales dollars is $960,000. Determine the company's margin of safety as a percent of current sales. Enter your answer as a whole number.
Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?
Use the steps demonstrated in class & prepare a document flowchart of the expenditure cycle procedures described above. Use Excel for this assignment.
Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mile operated during the current year.
Calculate the amount of budgeted cash disbursements for July and Tommy Company budgeted the subsequent information for 2012
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