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Schopp Inc. has been manufacturing its own shades for its table lamps. The company is currently operating at 100% of capacity. Variable manufacturing overhead is charged to production at the rate of 70% of direct labor cost. The direct materials and direct labor cost per unit to make the lamp shades are $3.90 and $5.60, respectively. Normal production is 38,000 table lamps per year. A supplier offers to make the lamp shades at a price of $15.36 per unit. If Schopp Inc. accepts the supplier's offer, all variable manufacturing costs will be eliminated, but the $38,000 of fixed manufacturing overhead currently being charged to the lamp shades will have to be absorbed by other products.
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what would be your response to anothercommittee concerning the current financial status of the social security system?
Murphy is contributing $150,000 in cash and accounts payable of $40,000. O'Sullivan is contributing a building that cost O'Sullivan $60,000. The building's current market value is $85,000. Journalize the investment of the two partners.
Prepare corrected income statements for the two years and net income-before your corrections-is understated or overstated and indicate the amount of the understatement or overstatement.
Compute the total net liability to be reported on the December 31 balance sheet for:
based on background information, what are the major inherent risks in the Securimax audit? Consider both industry and entity risks in your answer? 2. Discuss the factors to consider when determining preliminary materiality for Securimax.
Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $.50 per share cash dividend Calculate the number of shares outstanding at the time ..
The SEC's Enforcement Division investigates possible violations of securities laws, recommends SEC action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements.
holding all other variables constant which of the following could cause a firms current ratio to decrease from 3.0 to
a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable. There were no accounts payable on May 1.
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
An estimated salvagevalue of $75,000. Compute the depreciation expense for the firstthree years using the double-declining-balance method.
Random Enterprises signed a discounted note on Jan 1, 2010 promising to pay the lender $10 million in 2 years, and will not make periodic interest payments. The lender wants to earn a 12% APR
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