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On December 31, 2010, the net assets of Marino Manufacturing amounted to $40,000. Net income calculated by using the financial capital maintenance concept amounted to $12,000. During the year, additional common stock was issued for $8,000, and $5,000 of dividends was paid. The net assets at January 1, 2010, amounted to:
a) $31,000
b) $37,000
c) $20,000
d) $25,000
Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly.
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
Hull Inc. is considering the acquisition of equipment that costs $200,000 and has a useful life of 6 years with no salvage value. The incremental net cash flows that would be generated by the equipment are:
The allowance for rejects is 0.11 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be:
The cost incurred in storage is 5% of purchase price per unit and 4% are insurance charges and 2% are expenses on misc. heads related to holding the compound. Annual usage is 5000 kg. Buffer stock maintained is 200 kg and average lead time is 5 da..
Why is the identification of favorable and unfavorable variances so important to a company? How can the identification of the variances help management control costs?
What are the fixed efficiency and the fixed production volume variances, respectively, using 4-variance analysis? A. no efficiency variance,
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement?
Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method.
On July 1, the Watson Shoe Store paid $6,000 to Ace Realty for 4 months rent beginning July 1. Prepaid rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Watson Shoe Company is ..
Discuss your thoughts on whether the rigorous rules of accounting necessarily mean there is only one numerical answer. Explain.
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