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The textile Products Ltd., has provided the following information about factory overhead costs and prodcuction level for the year 1988.
Normal Capacity 40,000units of product
Expected Actual Capacity 350,000 units of product
Fixed Expense: Rs.7,00,000
Variable expenses: Rs.2,00 per unit
Work out factory overhead absorption rate for both normal as well as expected actual capacity.
Which of the following explanations might satisfy an auditor who discovers significant debits to an accumulated depreciation account?
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What amount of drawings was made?
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your cam..
A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. The company's cost of goods sold is?
Problem , Did any differences lead to different conclusions or auditor decisions?
Henry Quincy wants to withdraw $30,000 each year for 10 years from a fund that earns 8% interest. How much he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?
What might a manager do during the last quarter of a fiscal year if she wanted to improve current annual net income?
Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees.
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
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