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The number of workdays varies from month to month due to the number of weekdays, holidays, days of vacation, and sick leave taken in the month. The number of units produced in a month varies depending on demand and the number of workdays in the month.
There are two janitors who each work an eight-hour shift each workday. They each can take up to 10 days of paid sick leave each year. Their wages on days they call in sick and their wages during paid vacations are charged to miscellaneous overhead rather than to the janitorial labor cost account.Required:
Sales on credit 280,000, cash sales 100,000, sales discount 13,000, sales return and allowances 11,000. Prepare the sales revenues section of the income statement based on this information.
Tee Times, Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2009 for its Elite Quality golf club sets.
Further investigation has revealed that $144,000 of the fixed manufacturing expenses and $93,000 of the fixed selling and administrative expenses are avoidable if product U23N is discontinued. What would be the effect on the company's overall net ..
When the General Fund budget for fiscal year 2011 is recorded, indicate whether each of the following accounts should be debited, credited, or not affected.
Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare.
If you were given complete authority, how would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the curr..
Explain the similarities and differences in Managerial and Financial Accounting. After you review the Feature Story in Chapter 1, explain how the management functions of both could help HP and/or Dell.
at the beginning of 2012 ez tech companys account receivable balance was 140000 and the balance in allowance for
Without regard for this investment, Keefe earns $300,000 in net income during 2006. What is consolidated net income for 2006?
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
Vincent Corporation has 100,000 shares of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 5% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $132 a share on Jun..
prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections the company uses the perpetual inventory system.
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