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As part of the initial investment, Omar contributes accounts receivable that had a balance of $25,000 in the accounts of a sole proprietorship. Of this amount, $1,150 is completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is :
a. $23,100
b. $25,000
c. $24,250
d. $23,850
Ivan Company has a goal of earning $75,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 39%. What amount of dollar sales must be achieved to reach the goal if fixe..
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Prepare a journa..
Bob meets next month with a banker to secure a 60 day line of credit. He asks Mark which financial ratios will be of the most interest to the loan officer. How should Mark respond, any why?
The goal is to apply learned concepts and later build a strategic marketing plan for your product or service. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must think on your own two feet.
How does operating leverage differ in manufacturing, service, merchandising, and e-commerce organizations?
Identify the features common to the gift tax formula and the estate tax formula. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Compute the weighted average number of shares to be used in computing earnings per share for 2010.
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Equivalent units for materials total 20,000. There were 16,000 units completed and transferred out. Equivalent units for conversion costs equals 18,000. How much are the physical units for conversion costs if ending work in process is 50% complete..
The company has a December 31 year-end. Prepare the adjusting entry at March 31, 2011, to record subscription revenue earned in the first quarter of 2011.
How many ticket packages will George need to sell to break even?
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