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Ranger Company produces men's shirts. The following budgeted and actual amounts are for 2010:
Cost Budget at 2,500 units Actual Amounts at 2,900 unitsDirect materials $55,000 $65,500Direct labor 70,000 81,000Fixed overhead 35,000 34,500
Instructions:
Prepare a performance report for Ranger Company for the year.
If ending WIP is $18,000 and ending finished goods is $15,000, how much were the cost of goods manufactured and the current manufacturing costs?
Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2012. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership.
A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:
Alamo Inc. had $300 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $30 million and an increase in deferred tax liabilities of $60 million.
Ethical Code in cost & Management Accounting, CIMA has provided the following as elements of code of conduct to be followed by cost and management accounts. Define and explain them in relation to cost and Management Accounting.
Revenues for the year ended 31 January 20X1 were $507,000 and expenses were $330,000. Under plan (b) above prepare the partnership income statement for the year.
The Federal Circuit Court has ruled that wholesale distribution and retail sales, even of the same product, constitutes distinct businesses. In a case involving a taxpayer from another circuit, the Tax Court has ruled that such costs invariably sh..
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use? What is taxable income, and how is it determined?
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead.
Write a 200- to 300-word description of the four time value of money concepts: present value, present value of an annuity, future value, and future value of annuity.
Hamilton Company owns 51,000 of Hennie Company's 100,000 outstanding shares of common stock. Hennie Company pays $25,000 in total cash dividends to its shareholders. Hamilton's entry to record this transaction should include a:
What is meant by setting a preliminary judgment about materiality? What are the most important factors affecting preliminary judgment on materiality?
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