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Jordan and Taylor became friends after meeting on a reality cooking show. They have recently decided to start an Internet business to sell their delicious chocolate brownies. Their knowledge of business, unlike their totally awesome culinary skills, is questionable. Knowing that you are accounting students, they will be asking you advice now and then. You received a text that Jordan and Taylor were on their way. When they arrived, you could smell the aroma of fresh baked brownies. You are glad that you purchased a gallon of milk earlier in the day. Jordan hands you a list of ingredients for their special recipe. Meanwhile, Taylor is concerned that more than just their labor and ingredients should be taken into consideration to properly gauge a selling price. An Internet gourmet foods company, “Yumminess”, will be including “Chocolate Attack Brownies” (CAB) in their online catalog. CAB will be sold in square tins and captioned with personal greetings. Jordan negotiated a selling price to Yumminess at $10 per tin. The product cost is $8 per tin, which includes $6 of direct material and $1.50 of direct labor. Annual manufacturing overhead is estimated at $100,000 for the expected sales of 200,000 tins. Operating expenses are projected to be a fixed annual amount of $80,000. If 200,000 tins are sold, was is the total Net Income?
calculation of labor rate and efficiency variances.at the beginning of last year diekow productions set direct labor
Assuming that the landfill is recorded within the general fund, illustrate what will appear on the fun-based financial statements for this landfill for the year ended December 31, 2010?
Prepare the appropriate journal entries to record the transactions for the year, 20X1, including any year-end adjustments. Show calculations, rounded to the nearest dollar.
Assume Slippy Slides borrowed $17 million from West Side Bank and agreed to pay an interest rate of 7.0% and maintain a compensating balance amount equal to 5.1% of the loan. Determine Slippy Slides' actual effective interest rate on this loan.
the following data are available for sellco for the fiscal year ended on january 31 2011sales . . . . . . . . . . . . .
How did the insistence of regulators of depository institutions to raise their capital ratios ultimately impact their degree of operating and financial leverage?
What is the current market value of the firm's equity and debt? What is the required rate of return on the firm's equity? What is the beta of the equity? What is the firm's after tax WACC?
Ross’s Lipstick Company’s long-term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in excess of the balance of retained earnings. What effect will reclassifying the investments have on the curr..
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 2016, are as follows: Common stock, $20 stated value; 500,000 shares authorized, 399,000 issued $7,980,0..
Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. Discuss the major impact to the users of accounting statements if the statements ar..
The argument among accountants and ?nancial statement users over the proper valuation procedures for assets and liabilities resulted in the release of SFAS No. 115. How might the use of current values in the accounting records cause earn-ings volatil..
During the current year, Mary paid the following expenses: Prescription drugs $490 Aspirin and over the counter cold capsules $130 Hospital and doctors $700 Life insurance $260 What is the total amount of medical expenses (before considering the limi..
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