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A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
A. Slide
B. Transposition
C. Mislabeling
D. Failure to post a transaction
Write Company has a maximum capacity of 200,000 units per year. Variable manufacturing costs are $12 per unit. Fixed overhead is $600,000 per year. Variable selling and administrative costs are $5 per unit, and fixed selling and administrative cos..
The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..
What are some of the differences between variable and full costing? What impact do these differences have on income?
On December 31, 2010, Krypton reported a net income of $735,000 for the year. National Star uses the equity method in accounting for its investment in Krypton Labs.
What is the overall completion percentage for the WIP as to direct materials at the end of period?
After Tiger released its 2010 financial statements, the company's stock was trading at $17. After the release of its 2009 financial statements, the company's stock price was $12 per share.
An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..
Explain the impact on internal controls if a company decides to "go public." What is the company doing right? Should they buy the indelible ink machine? What is the company is doing wrong? Make recommendations for improvement. Be sure to reference th..
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
If ABC Service collects $50,000 from customers on account: a) total assets are unchanged b) liabilities increases c) owners equity decreases d) onwers equity increases
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