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Johnson Realty bought a 2,000- hectare island for $10,000,000 and divided it into 200 equal size lots.As the lots are sold, they are cleared at an average cost of $5,000.Storm drains and driveways are installed at an average cost of $8,000 per site.Sales commissions are 10% of selling price.Administrative costs are $850,000 per year.The average selling price was $160,000 per lot during 2009 when 50 lots were sold.During 2010, the company bought another 2,000- hectare island and developed it exactly the same way. Lot sales in 2010 totalled 300 with an average selling price of $160,000. All costs were the same as in 2009.
Required: Prepare income statements for both years using both absorption and variable costing methods.
on january 12014 oaken furniture co. issued 700000 of 10 bonds and received cash totaling 795141. interest is payable
Calculate amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2011.
Did the bookkeeper correctly record the client’s deposit? What would you do as controller for the firm? Do you have a responsibility to do anything to correct the books? Explain your answer.
The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.
Illustrate what is the total amount of other financing sources to be recognized on the fund-based financial statements over this six-year period?
track town co. had the following transactions involving intangible assetsjan. 1 purchased a patent for leather soles
What is the target cost for the new price if target operating income is 20% of sales? and What is the change in operating income for the year if $18.00 is the new price and costs remain the same?
It reaches the industry average of 2 percent dividend growth, after which the company will keep a constant growth rate forever. Illustrate what is the price of this stock today given a required return of 12 percent?
The financial vice-president has suggested that the patents be recorded at the discounted value of expected net royalty receipts. What is meaning of “discounted value of expected net receipts”? Explain.
What are some examples of real-life situations where the addition of fractions, multiplication of fractions, or division of fractions might be required?
shown below are 3 independent situations. answer the question at the end of each situation.1. during 2010 maverick
question 1preparing a flexible budget as well as evaluating performancehome products company manufactures a whole line
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