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During the first year of operations,Shapiro tool ccumulated the following manufacturing costs:
a) Raw materials purchased on account $ 8000
b) Factory labor accured 6000
c) Incurred manufacturing overhead on account 4000
Instructions:
Prepare separate journal entries for each manufacturing cost.
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, ..
Maris Co. purchased a machine on January 1, 2013, for $1,200,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line monthly basis.
You have recently hired several new members to your team who will be assisting with financial statement analysis for your clients. As part of their training, you want to make sure that they fully understand the requirements of the SEC regarding fi..
Identify and briefly explain both a theory of corporate governance that supports a formal regulatory approach and a theory that supports a voluntary, self -regulation approach.
To the nearest whole dollar how large would the salvage value of the equipment have to be to make the investment in the equipment financially attractive?
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
Scott Company's variable expenses are 72% of sales. The company's break-even point in dollar sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
A bank quotes certificate of deposit (CD) yields both as annual percentage rates (APR) without compounding and as annual percentage yields (APY) that include the effects of monthly compounding.
Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour.
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
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