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Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2013, principal of $300,000 and interest at 10% due on 2/28/2014. Note 2 Dated 6/30/2013, principal of $150,000 and interest due 3/31/2014. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.
During the current year, Danny - a calendar-year taxpayer - acquired and placed in service the following business assets:
In the manufacture of 10,000 units of a product, direct materials cost incurred was $135,700, direct labor cost incurred was $82,000, and applied factory overhead was $37,500. What is the total conversion cost?
If the estimate of loss from uncollectible accounts is based on sales, any existing balance in Allowance for Doubtful Accounts is added to the percentage of sales to determine the amount of the adjustment.
On January 1, 2011, Miller changed to the straight-line method of depreciation. The estimated useful life has not changed. Miller can justify the change. What should be the depreciation expense on this machine for the year ended December 31, 2011?
In the year an 80% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is calculated by multiplying the noncontrolling interest percentage by the subsidiary's reported net income:
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
The adoption becomes final in 2010. Which of the following choices properly reflects the amounts and years in which the adoption expenses credit is available.
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
Discuss the concept of working capital what shall be the repercussions if the firm has
The modified accrual basis of accounting is used in presenting the fund financial statements of the governmental funds because:
At normal capacity of 8,000 units, budgeted manufacturing overhead is: $48,000 variable and $135,000 fixed. If Wayman had actual overhead costs of $187,500 for 9,000 units produced, what is the difference between actual and budgeted costs
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