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Daw Company’s December 31 year-end unadjusted trial balance shows a $24,000 balance in Notes Receivable. This balance is from one 7% note dated December 1, with a period of 45 days. Assume Daw Company does not prepare reversing entries. Prepare journal entries for December 31 and for the note’s maturity date assuming it is honored. (Use 360 days a year.)
The Czinner Corporation issues 200 shares of $100 par preferred stock for $115 on subscription. Onehalf of the selling price is payable upon subscription while the other half is payable in two equal installments. Prepare all necessary journal ent..
Mordica Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $150,000, $325,000, and $87,500, respectively.
The Aleutian Company produces two products, Rings and Dings. They are manufactured in two departments-Fabrication and Assembly
Which of the following is NOT true about variances in general and Which budget is necessary to determine standard variances?
Your group has been assigned a task to start up a micro-manufacturing company utilizing the technology of a 3D printer. You will need to discuss many different aspects of your company (many items listed below), and “sell” the idea of your company to ..
You are a newly appointed consultant in XYZ Financial Consultant Company - You provide financial consultancy to multiple different companies.
The Assembly Department had 60,000 units 60 percent ?complete in Work-in-Process Inventory at the beginning of April. During April, the department started and completed 160,000 units. The department started another 40,000 units and completed 30% as o..
Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $104,000 on January 3, 2016, has an estimated life of 5 years and an estimated salvage value of $9,000. The..
On a manufacturer's income statement expenses are separated into the following three categories:
Contributions of long-lived assets may affect more than one type of fund. Discovery Barn, a not-for-pro?t science center for children, received a contribution of $30,000 explicitly designated for the acquisition of computers. During the year it acqui..
Assume a 3 year $100,000 bond with an 11% stated rate and a 9% effective rate was sold for $105,063. Interest is paid annually. Use the straight line method for amortization. What is the interest expense in the first year of bond? What is the cash co..
Assume that you are an investor in various equity securities (stocks) that are publicly traded and you have full access to the financial statements that the companies you are invested in submit to the SEC through the Edgar database.
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