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Hoffman Corp. currently sells 40,000 dental tools to its normal customers, but it has a capacity to produce 50,000 tools. Its product sells for $30 per tool and the variable costs incurred in manufacturing and selling the product are as follows on a per tool basis:
Direct materials - $8; Direct labor - $4; Sales commission - $2.
A customer has proposed a special one-time order to purchase 10,000 tools at a discounted price of $20 per unit. If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order.
If Hoffman accepts the special order, how would operating income be affected?
a) Decrease by $80,000
b) Decrease by $120,000
c) Increase by $30,000
d) Increase by $50,000
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..
The beginning balance of retained earnings was $137,000,while the end of the year balance of retained earnings was $175,000.Net income for the year was $63,000. How much was paid in cash dividends during the year?
You own a portfolio that is 38 percent invested in Stock X, 22 percent in Stock Y, and 40 percent in Stock Z. The expected returns on these three stocks are 10 percent, 15 percent, and 12 percent, respectively.
Which of the following describes job order or process costing?
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
List and describe four potential problems with a "traditional" overhead allocation system. List and describe four "red flags" that may indicate you should consider revising your overhead allocation system.
Two points on an indifference curve that displays a diminishing marginal rate of substitution between cookies and brownies are: 8 cookies and 2 brownies and 6 cookies and 4 brownies.
If computed based on direct labor hours, the overhead rate for machining costs would be $20 per direct labor hour.
The concept of operating leverage Signifies to which of the following?
On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why?
Clancey Inc. issues $2,085,500 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds?
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