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The following information applies to the inventory of James Dixon Company and will be used for four questions on the exam:
Units Cost/unit
February 1 Inventory on hand 400 $8
February 4 Purchase 800 11
February 6 Sale 1,000
February 16 Purchase 1,300 16
February 19 Sale 1,400
February 25 Purchase 700 20
Question 1: Calculate ending inventory using the average cost perpetual method for the month of February.
Calculate the increase in corporate income in the following situations - Division A sells 10,000 units to Division B for $150 each, and Division B produces and sells 10,000 units for $225.
JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2016, total wages paid to emplo..
Cranky company produces two types of gears: X and Y. The unit contribution margins are $25 and $10 respectively. They can sell all they can produce. Each gear must be notched by a special machine. How many of each should be made (what is the optimal ..
Your company's summarized financial information for the beginning and projected end of the current year is as follows: Beginning of the Year End of the Year (projected) Assets $90,000 $100,000 Liabilities 30,000 30,000 Equity 60,000 70,000 Net Income..
Create the adjusting entries using good form for each of the subsequent situations as of January 31 (measurement date) for the one month of January
If you cost of money is 6.5 percent, what's the current value of the lease?
Cherrie is a resident individual. She receives the following amounts from her various investments during the year: $2,000 – Fully franked dividend from a resident public company with an imputation credit of $800. $3,000 – Un-franked dividend from a n..
Construction bids for the Spruce Street Project were opened and evaluated. A bid in the amount of $1,500,000 was accepted, and the contract, bearing a 4 percent retention clause was signed in October 2014.
What is an active market, and is an active market likely to exist for intangible assets such as brand names or development related expenditures?
The Red Bud Co. pays a constant dividend of $2.50 a share. The company announced today that it will continue to do this for another 2 years after which time they will discontinue paying dividends permanently. What is one share of this stock worth tod..
If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
Why are the amounts of interest expense different for these two means of borrowing for the same length of time at identical interest rates?
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