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You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:
1. If cash is borrowed on a $55,200, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31?$
2. The cash register total including sales taxes is $45,990, and the sales tax rate is 5%. What is the sales taxes payable?$
3. If $45,990 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?$
Great Lakes Boat Company manufactures sailboat hulls at a cost of $4200 per unit. The hulls are sold to boat-yards for $5000. The company is evaluating the desirability of adding masts, sails, and rigging to the hulls prior to sale at an additional c..
Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system.
At the beginning of August, Hogancamp Corporation had $33,000 of raw materials on hand. During the month, the company purchased an additional $80,000 of raw materials. During August, $84,000 of raw materials were requisitioned from the storeroom for ..
A review of Parrish Corporation's accounting records found that at a volume of 118,000 units, the variable and fixed cost per unit amounted to $8 and $3, respectively. On the basis of this information, what amount of total cost would Parrish anticipa..
determine the unit costnbsp from the given data.javadi company makes a composting bin that is subject to wide seasonal
Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation. Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.
A review of the income surplus account shows that the net profit after tax for the year was $968000. The gross profit on sales was 40% and net profit as a percentage of net sales was 8% . The tax rate is 25%. selling and administrative expenses were ..
The Engine Division provides engines for the Tractor Division of a company. The standard unit costs for Engine Division are as follows: Direct materials $ 600 Direct labor 1,200 Variable overhead 300 Fixed overhead 150 Market price per unit 2,730 23...
Annual revenue is given and sale value is unknown: Suppose you have to decide whether sell an old machine or keep it with a major overhaul. You can: Sell the machine at time zero for X dollars with zero book value and paying the tax of 40%. Calculate..
Which report would you run to easily apply classes to unclassified transactions? a- Profit & Loss by Class b- Balance Sheet by Class c- Class Change d- Profit & Loss Unclassified 8- Which of the following is NOT a step you need to take to conduct job..
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $336,000 although McKenzie’s book value on that date was $2,300,000. McKenzie held land that was undervalued by $160,000 on its accounting records. During 2014, McKenzi..
Martinez Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portio..
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