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Below are transactions related to Wildhorse Company. (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $77,750. (b) 13,000 shares of common stock with a par value of $52 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $777,500, of which $189,890 has been allocated to land and $587,610 to buildings. The stock of Wildhorse Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $67 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $60 per share. (c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed. Materials used $11,570 Factory supplies used 866 Direct labor incurred 15,350 Additional overhead (over regular) caused by construction of machinery, excluding factory supplies used 2,537 Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost Cost of similar machinery if it had been purchased from outside suppliers 43,990 Prepare journal entries on the books of Wildhorse Company to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c)
Due to the nature of managerial accounting, estimates must be used to a greater extent than in financial accounting. Discuss the relevance and reliability of estimates used in managerial accounting versus the relevance and reliability of historical i..
A candy company has 111kg of chocolate- covered nuts and 69kg of chocolate- covered raisins to be sold as two different mixs. One mix will contain half nuts and half raisins and will sell for $7 per kg. The other mix contain 3/4 nuts and 1/4 raisins ..
Stackhouse Industries has a new project available that requires an initial investment of $5.5 million. The project will provide unlevered cash flows of $775,000 per year for the next 20 years. The companies with operations comparable to this project ..
Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 24 percent for the next three years, with the growth rate falling off to a constant 5 percent thereafter. If the required return is 14 percent, and the company just paid a di..
Instead of increasing its long-term debt by borrowing money from a bank to purchase new stereo equipment, Jay's Jams Inc. decides to lease the equipment on a long-term basis. How will the long-term debt ratio differ if the lease option is selected ov..
Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 24 percent for the next three years, with the growth rate falling off to a constant 6 percent thereafter. If the required return is 14 percent, and the company just paid a di..
A(n) seven-year bond has a yield of 8% and a duration of 7.212 years. If the bond's yield increases by 40 basis points, what is the percentage change in the bond's price?
What is the need of International Financial Management? List out the difference between domestic Finance & International Finance.
The company's fixed operating cost are $500,000. its variable costs are $3.00 per unit, and the product's sales price is $4.00. What is the company's breakeven point? What Quantity would generate a Profit of $1,000,000?
Read the entire New Heritage Doll Company case. Use the operating projections and other assumptions provided for each project to compute the net present value (NPV), internal rate of return (IRR), payback period, 5 year cumulative EBITDA, and profita..
Saul Cervantes has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $9,722, $10,682, $14,734, $8,892, and $12,034. If the appropriate discount ..
IFE. Shouldn't the IFE discourage investors from attempting to capitalize on higher foreign interest rates? Why do some investors continue to invest overseas, even when they have no other transactions overseas?
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