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Practice questions:
Calculate and suggest possible reasons for the materials usage variance from the following data:• Standard price per tonne is £50• Standard usage is 1.000 tonnes• Actual price per tonne is £50• Actual usage is 995 tonnes
Savers are taxed on the nominal interest payments they receive rather than the real interest payments. Suppose the federal government shifts from taxing nominal interest payments to taxing only real interest payments.
On December 31, 2013, Rhone Metro Industries leased equipment to Western Soya Co. for a four year period ending December 31, 2017, at which time possession of the leased asset will revert back to Rhone Metro.
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
Satka, Inc., is a newly organized manufacturing business that plans to manufacture and sell 30,000 units per year of a new product. The following estimates have been made of the company's costs and expenses (other than income taxes):
If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Ali has estimated that he is going to need enough in his retirement fund to withdraw $75,000 per year beginning on his 66th birthday and for 19 additional years thereafter. How much will Ali need in his retirement account at age 65 if his fund is ..
Bought promotional materials and plane tickets for Tour de France, for $30,000 in cash and recorded the entire amount as advertising expense.
armstrong corporation manufactures bicycle parts. the company currently has a 20400 inventory of parts that have become
during the year royal repaid existing debt of 223785 and raised additional debt capital of 642062. it also repurchased
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?
Fogelberg Company purchased equipment for $12,000. Sales tax on the purchase was $600. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. What is the cost of the equip..
harrison and sons is a law firm. on september 1 2012 harrison contracted to provide 12 months of legal services to a
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