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On April 1, Stelter Corporation had $34,000 of raw materials on hand. During the month, the company purchased an additional $60,000 of raw materials. During April, $70,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $7,000. Prepare journal entries to record these events. Use these journal entries to answer the following questions:
The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in April total:
a) $0
b) $70,000
c) $63,000
d) $7,000
Hanover Toy Store has budgeted sales of $48,000 for its electronics department in November. Management wants to have $11,000 in electronics inventory at the end of November. The beginning inventory of electronic toys is expected to be $9,000. What..
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
An accountant for Jolley, Inc., a merchandising enterprise, has just finished posting all year-end adjusting entries to the ledger accounts and now wishes to close the appropriate account balances in preparation for the new period.
Draw a scatter diagram of the airport costs. Compute the least spuares regression estimates of the variable and fixed cost components in the airport cost behavior pattern.
Genesis Corporation is now in its 30th year of business. The founder of company is planning to retire at the end of year and turn the business over to his daughter.
Lechter Co. is preparing to issue stock. Its revenues for last year were $85,000,000, and it had $52,000,000 in stock held by nonaffiliates.
She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the effects of these events on AAA, stock basis, and AEP.
A check drawn by a depositor in payment of a voucher for $925 was recorded in the journal as $295. What entry is required in the depositor's accounts?
Hutchinson Company had retained earnings of $10,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set ..
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
Calculate Suzy's recognized gain or loss on the distributions, if any. Calculate Suzy's basis in the inventory received.
Compute the relevant cost of making and puchasing the component. Which alternative is less costly and by how much? What qualitative factors might influence the decision about whether to make or to buy the component?
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