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Partnerships have various advantages over corporations. However, one of the major disadvantages for a partnership versus corporations is the liability issue. Does the addition a of limited partnership (LP) and limited liability partnership (LLP) increase or decrease the advantages or remove the disadvantage?
On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors perfor..
The Butterfly Corporation had the following information that pertained to its March budget.
Techniques used 25,000 direct labor hours and 50,000 machine hours during the previous year. What is the predetermined overhead rate per direct labor hour?
Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month.
Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.
Prepare the appropriate journal entry to record the award of SARs on January 1, 2006.
Bailey Company sells 25,000 units at $15 per unit. Variable costs are $8 per unit, and fixed costs are $35,000. The contribution margin ratio and the unit contribution margin, (rounding to two decimal points) are:
The stockholders' equity accounts of Hashmi Company at January 1, 2008, are as follows. Prepare a retained earnings statement for the year. (List multiple entries in descending order of amount.) Prepare a stockholders' equity section at December 31, ..
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depre..
The director of capital budgeting for Big Sky Health Systems, Inc., has estimated the following cash flows in thousands of dollars for a proposed new service.
Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards usin..
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