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The Simply French Restaurant has identified the following activities performed by its staff:
Settables Cookfood Serve desert
Seatcustomers Serverorders Present and collect bills
Takeorders Take desertorders Cleantables
a. For each of these activities, state whether thenumber of tables served or the number of customers at the tables isa better cost driver.
b. What distortions might result in assigning costs ifonly one of the tow drivers in (a) is used?
Compute operating income for April, May and June under variable costing
Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?
Upton Company issues $3 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount.
north slope realty co. pays weekly salaries of $7900 on Friday for a five day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends on (a) Wednesday, (b) on Thursday
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%.
when long-lived assets are purchased with a loan, can a company report the net difference between the cost of the asset and the mortgage liability against the asset, instead of reporting the two amounts separately on the balance sheet?
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense (associated with a one-year guarantee on its products) in its fina..
Comparison of projects, no income taxes. (CMA, adapted) New Bio Corporation is a rapidly growing biotech company that has a required rate of return of 10%. It plans to build a new facility in Santa Clara County.
The accumulated depreciation account had a balance of $105,000 on January 1, 2008, using the straight-line method. The gain or loss on disposal is
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