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Lakeview School District, a governmental entity, received 10 computers from Computer Hut, a local computer firm. The computers were a donation to the District by Computer Hut. The cost to Computer Hut for each computer is $2,500. The retail value of each computer is $3,000. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this donation
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
A company's 2010 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2010. How much cash was collected from customers during 2010?
Latisha owns a warehouse with an adjusted basis of $112,000. She exchanges it for a strip mall building worth $150,000. Which of the following statements is correct?
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is:
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?
Determine the order quantity at which the total inventory costs would be minimized? What is the reorder point and the time between orders? Illustrate the order quantity, re-order point, safety stock and lead time on a diagram where the Y-axis repres..
A company shows common size comparisons for two years on balance sheets. There is almost a two-fold increase in cash and equivalents, a 3% decrease in inventories, a small decrease in net property and equipment, and a large increase in retained ea..
Transparency and Disclosure: A company's overall policy for controlling and disseminating inside information must meet the standards for transparency and disclosure. What would the company's specific financial reporting objectives be with respect t..
The present value of $100,000 to be received in five years at an interest rate of 16% compounded annually, is $47,610. Calculate the present value of $100,000 for each of the following:
Land was given to the company by the State of Florida to use as a manufacturing facility site. The market value of the land at the time of the donation was $102,000. Prepare journal entries for Overland Company to record the above transactions
What are the implications for a company's receivable management of selling its products internationally?
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