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A company has the following budgeted financial data for next year:
Manufacturing overhead $130,000Practical capacity machine hours 10,000Master budget capacity machine hours 6,500
The company chooses NOT to assign unused capacity costs to inventory units for internal reporting purposes.
A. Determine predetermined allocation rate that should be used to assign manufacturing overhead to inventory units next year for internal reporting purposes.
B. Determine cost of unused capacity for next year.
Logan Appliances purchased $8,000 of merchandise, 2/10, n/30, FOB shipping point. The seller prepaid the shipping charges of $200. If Logan pays for this merchandise within the discount period, how much should Logan remit to the seller?
Which of the following is not true about closing entries?
Abbey Ltd purchased machinery on 1 October 2010 for $80 000. The estimated useful life of the machinery is 5 years, with an estimated residual of $5000. The entity's balance date is 30 June, and it uses the straight line method of depreciation. On..
Now FASB required that all employee stock options should be expensed on income statement. On Jan. 2005, AA company granted total $100,000 (fair value) of stock options to the employee.
Contract law is the basis for the legal liability at common law of an auditor to his/her client. From which of the following may the auditor's liability arise?
Evaluate the legal aspects of acquiring, holding, and disposing of real property. Evaluate the legal aspects of acquiring, holding, and disposing of personal property. Analyze the business use of insurance for various risks.
Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the Library Book Permanent Fund for the Year Ended December 31, 2012.
There are many different types of jobs in accounting, and one of those has to do with Management Accounting. How does this differ from the other forms of Accounting?
A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated
Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.
A machine which has a 10 year life will cost $11,000 now with annual operating costs of $500 the first year and increasing $50 per year each of the next 9 years. If the salvage value is estimated to be $2,000 at the end of the 10th year,
Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
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