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High Sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at $1.50 per pound. During March, 10,000 pounds of raw materials costing $1.55 per pound were used in making 4,800 wind chimes. What is the (1) materials price and (2) quantity variance?
Tazmania Inc. had pretax financial income of $154,000 in 2007. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.
Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.
Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of $114,077, and an EBITDA of $1,521,087 for the year ended June 30, 2010. What is the Times Interest Earned for this company?
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software. 1) Explain to him the rules of debits and c..
Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..
Assume you are opening a small food outlet across the street from your campus. How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
Lockard Company purchased machinery on January 1, 2012, for $151,840. The machinery is estimated to have a salvage value of $15,184 after a useful life of 8 years.
Assuming the computer has a ten-year life and will have no salvage value at the expiration of the lease, what was the original cost (present value) of the computer to Stark?
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $15,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2010?
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan."
The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs to boxes of biscuits. Which of the following costs can be traced directly to boxes of biscuits?
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