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A firm operated at 90% of capacity for the past year, during which fixed costs were $320,000, variable costs were 60% of sales, and sales were $1,000,000. Operating profit was:
The revenue principle states that revenue should be recognized at a point when:
The market price of a bond issued at a discount is the present value of its principal (face) amount at the market (effective) rate of interest:
During the current year, Goldfinch Corporation purchased 100% of the stock of Dove Corporation and made a qualified election under § 338. Which of the following statements is incorrect with respect to the § 338 election?
Dubois inc wishes to accumulate $1,300,000 by dec 31, 2020 to retire bonds outstanding. the company deposits $200,000 on december 31, 2010, which will earn interest 10% compounded quarterly, to help in the retirement of this debt.
Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.
Prepare the stockholders' equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.
Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?
In 2009, Wood's residence had an adjusted basis of $150,000, and it was destroyed by a tornado. An appraiser valued the decline in the market value at $175,000. Later that same year,
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
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