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Job-Cost RecordWestern State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government. Consider the following summarized data regarding a cancer research project in the Medical School:- January 5 Direct materials, various medical suppl-es, $925- January 7 Direct materials, various chemicals, $780- January 5-12 Direct labor, research associates, 120 hours- January 7-12 Direct labor, research assistants, 180 hours
Research associates receive $32 per hour, while assistants receive $19. The overhead rate is 70% of direct-labor cost.
Sketch a job-cost record. Post all the data to the project-cost record. Compute the total cost of the project though January 12.
A Statement of Cash Flow is the statement which demostrate inflow and outflows of cash and cash equivalents of an enterprise during the particular period.
Equipment costing $10,000 with accumulated depreciation of $7500 is traded for equipment priced at 17,000, minus a trade in allowance of 2,000. What is the new equipment recorded at?
The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.
what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset's life?
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
What is the FASB Codification System and what is its purpose? What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
Compute the following variances and indicate whether the variance is favorable or unfavorable. 1. Direct material price variance, Direct materials quantity variance, Direct labor price variance, Direct labor quantity variance
During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2007, operating activities:
Vial-tek has an existing loan in the amount of 3.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement.
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
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