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For the month of April, Thorp Co.'s records disclosed the following data relating to direct labor:
Actual cost $10,000
Rate variance $ 1,000 favorable
Efficiency variance $ 1,500 unfavorable
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
a. $5.50.
b. $5.00.
c. $4.75.
d. $4.50.
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
Stock Options, Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."
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.
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
What is a complete liquidation? A partial liquidation? Explain the difference in tax treatment accorded these two different events. Also, provide specific examples.
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Give an example of one accrual-based ratio and one cashbased ratio to measure these characteristics of a company:(a) liquidity, (b) solvency, and (c) profitability.
How do you determine the filing date and extended filing date for income tax returns?
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
A lead partner is a local accounting firm, whose practice consists of tax consulting and compliance, serves clients by providing write-up and payroll processing services. As his firm grows, he has developed various ways to build its business.
Why are budgets useful in the planning process? a) They provide management with information about the company's past performance. b) They help communicate goals and provide a basis for evaluation.
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