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Pitre, Inc. earned net income of $150,000 during 2010. The company wants to earn net income of $25,000 more during 2011. The company's fixed costs have been and are expected to remain at $40,000. Variable costs have also maintained stability at 20% of sales; this rate is expected to continue into 2011. Pitre, Inc. sells watches for $60 each.Determine break even in dollars for 2011.
Impairments are: a) recognized as a realized loss if the impairment is judged to be temporary. b) based on fair value for available-for-sale investments and on negotiated values for held-to-maturity investments.
Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing
How much income should Karen have recognized in the year the ISO was granted - how much income does Karen recognize when she exercises the ISO?
You are an employee of a Wealth Management consultancy. As your first accounting assignment for the consultancy, you are auditing the chart of accounts for a client.
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
What corporations are required to issue a report on the effectiveness of its internal control over financial (ICFR) reporting?
Meyer Corporation uses the percentage-of-completion method to account for work performed under long-term construction contracts.
A company issued 10%, 10 year bond payable with a par value of 720,000. The bonds were issued for 817,860 cash, which provided the holders an annual yield of 8%. Prepare a journal entry with a straight line method for the first semiannual interest..
research paper on job costing including its ethical issues misstating completion charging costs to the wrong jobswrite
Cairo corporation has municipal bonds classified as available for sale at December 31, 2012. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $740,000.
thomasson air uses two measures of activity flights and passengers in the cost formulas in its budgets and performance
There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Hooke paid n$ 30000 of commissions associated with negotiating the lease in Feb 2011
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