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Porter Wines has fixed costs of $46,000 per year. Its warehouse sells wine with variable costs of 80% of its unit selling price. How much in sales does the company need to break even per year?
Illustrate what is the overall impact on net income over the two accounting periods? (Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)
Your client Anderson Company owes a note to the bank in the amount of $1,000,000 due February 1, 2015. The bank has agreed to refinance $500,000 of the note on a long term basis if the company can pay the other $500,000 by the due date. Explain the p..
Victory Company purchases office equipment at the beginning of the year at a cost of $15,000. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. The journal entry to record the first year depreciation is:
Identify an appropriate label (account name) for each item as it would be reported in the company's financial statements. Choose from the following: Accounts Payable, Accounts Receivable, Cash, Common Stock, Dividends, Land, Notes Payable, Sales Reve..
firm a has 10000 in assets entirely financed with equity. firm b also has 10000 in assets but these assets are financed
Lebo made two errors: 2011 ending inventory was overstated by $3,340 and (2) 2012 ending inventory was understated $6,290 - compute the correct cost of goods sold for each year
The two original shareholders of a LLC issue 40,000 shares of common stock to a valued employee (vice-president of marketing) who was being wooed by a rival company. The employee pays nothing for the shares, but the employee is prohibited from sellin..
Compute and record amortization expense on the patent for 2009 (prior to the law- suit). Prepare the necessary journal entry on January 1, 2010, to record the expenditure of $180,000 to defend the patent.
Ervay Company has $750,000 of bonds outstanding. The unamortized premium is $10,800. If the company redeemed the bonds at 101, illustrate what would be the gain or loss on the redemption?
As of December 31, 2015, Caledonia Corp. has taxable income of $150,000, which includes a $20,000 accelerated depreciation deduction; had straight-line depreciation been used, the deduction would have been $6,000. Additionally, Caledonia earned $4,00..
Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's 20X0 income statement are the following: Premium on officer's life insurance with Lake as owner and beneficiary of $15,00..
Xonic Corporation issued $7,600,000 of 20-year, 8 percent bonds on April 1, 2015, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2035. Swanson's fiscal year ends on December 31..
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