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Junior Company currently buys 30,000 units of a part used to manufacture its product at $40 per unit. Recently the supplier informed Junior Company that a 20 percent increase will take effect next year. Junior has some additional space and could produce the units for the following per-unit costs (based on 30,000 units): Direct materials $16 Direct labor 12 Variable overhead 12 Fixed overhead 10 Total $50 If the units are purchased from the supplier, $200,000 of fixed costs will continue to be incurred. In addition, the plant can be rented out for $20,000 per year if the parts are purchased externally. Required: Should Junior Company buy the part externally or make it internally?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
Which of the following statements is true? Once adopted, an accounting period normally cannot be changed without approval by the IRS.
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
Purchased $100,000 of U.S. Treasury 6% bonds, paying 102 plus accrued interest of $1000. The security is to be held short-term profits.
Frenchy's Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows: determine the expected costs for Utilities in August. B. Using the data calculated above, e..
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
In the past, TTTH Inc. allocated indirect manufacturing costs based on direct labor hours. Recently, management has decided to pilot a system of time-driven activity-based costing (TDABC) to allocate these costs. Determine the indirect labor suppor..
Assume that the risk-free rate is 6 percent and the expected return on the market is 13 percent. What is the required rate of return on a stock that has a beta of 1.2?
If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as:
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