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The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
• Sales were at $450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The cash balance on November 1 was $18,000.• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.• Budgeted depreciation for November is $25,000.• The planned merchandise inventory on November 30 is $230,000.• The cost of goods sold is 70% of the selling price.• All purchases are paid for in cash.
The budgeted net income for November is
A. $135,000.
B. $68,000.
C. $50,000.
D. $75,000.
Computation of total overhead rate and total overhead variance Earth Company expects to operate at 80% of its productive capacity of 25,000 units per month. At this planned level, the company expects to use 40,000 standard hours of direct labor.
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements?
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
Identify the components of internal control to which each policy or procedure relates. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list.
Emu Company, which was formed in 2010, had operating income of $200,000 and operating expenses of $120,000 in 2010. In addition, Emu had a long-term capital loss of $10,000.
What issues will create variances within a company? What other information can we derive from our variance analysis? What expenses would you imagine to be fixed in nature?
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Why might we want to develop these initial expectations prior to beginning our analytical procedures?
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
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