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VSP Inc. purchased equipment for $20,000 on March 1, 2013. The equipment's accumulated depreciation balance was $15,000 at the end of 2019 after depreciation was claimed for the year. On December 31, the old equipment was traded equipment for new equipment with a list price of $22,000. A trade-in allowance of $5,500 is given on the old equipment and cash of $16,000 was paid. The fair value of the old equipment at the time of trade-in was $2,000. What is the gain or loss on disposal?
Determine the direct materials price variance and the direct materials efficiency variance for the year.
How much of accounts receivable was written off during 2014? Use a T-Acct to figure this out. What was the amount of cash collected on receivables during 2014? Use a T-Acct to figure this out. Are estimated uncollectible accounts consistent with the ..
Nottebart Corporation has outstanding 10,800 shares of $110 par value, 6% preferred stock and 61,300 shares of $19 par value common stock. Assume that the preferred are noncumulative. How much dividend will the preferred stockholders receive? Assume..
Which of the following earnings per share figures does not need to be disclosed in its financial statements or Notes?
Create in good form, a comparative income statement, beginning with income from operations, for Melton Corporation for the fiscal years ended.
Moore Entertainment sells souvenir T-shirts at each rock concert that it sponsors. The shirts cost $11 each. Any excess shirts can be returned to the manufacturer for a full refund of the purchase price. The sales price is $29 per shirt. What are the..
During 2015, Summerset Company stock was sold for $9,200, the difference between the $9,200 and the “fair value” of $8,800 being recorded as a “Gain on Sale of Investments.” The market price of the stock on. What justification is there for valuing av..
What are total sales in dollars at the break-even point? What are total variable expenses at the break-even point? What is the company's contribution margin ratio?
Describe the inventory section of two companies using basic comparative analysis and to interpret data to gain insight about the company's inventory management.
Prepare a table with the following column headings: Employee; Cumulative Pay; Pay Subject to FICA Social Security Taxes; Pay Subject to FICA Medicare Taxes; Pay Subject to FUTA Taxes; Pay Subject to SUTA Taxes.
Determine the consolidated balance for each of the following accounts as of December 31, 2011:Goodwill ..... Buildings (net)Equipment (net) . Dividends PaidCommonStock
For each finding above, indicate internal control principle that CSC violated. For each finding above, provide an appropriate recommendation for CSC to correct the weakness.
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