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Information about the use of variable overhead at EZ Toys' Trucks Division for October follows:
Standard costs
0.4 hour per truck @ $5 per hour
= $2 per truck
Trucks produced in October
= 10,000
Actual variable overhead cost
= $23,000
Required:
Prepare Truck Division's variable overhead variances for October.
Calcuate the depreciation expense using the straight-line method for the first two years the equipment is owned.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
All parties use the calendar year for tax purposes. On June 30, 2011, Robin repays the loans of $40,000 together with the specified interest of $4,000. How much of the interest can Robin Corporation deduct in 2010?
Assuming a 360-day year, calculate what the average investment in inventory would be for a firm, given the following information in each case.
What are some examples of positive and negative evidence used to establish the need for a valuation allowance for a tax loss carryforward? What is the effect of the valuation allowance on the free cash flow forecast?
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000. Which of the following is not part of the journal entry for this transaction?
In the mid-2000s Fannie Mae was in severe financial difficulty and desperately needed additional capital for the company to survive.
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Prior to the end of an audit, the CFO of your client resigns.
Quartz Co. sells home furniture had the following account balances: Required: Prepare income statement in a multiple step format.
In 2010, he made six payments. How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income?
the stockholders equity accounts of neer corporationon jan. 1 2010 were as followpreferred stock 8 50 par cumulative
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