Reference no: EM131202294
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2018 and December 31, 2018: January 1, 2018 December 31, 2018 Accounts receivable 51,000 70,000 Inventory 39,000 28,000 Accounts payable 45,000 51,000 Salaries payable 7,000 3,000 Investments 46,000 59,000 Common stock 110,000 130,000 Retained earnings 25,000 41,000 The following selected information was taken from Buckeye Company's 2018 statement of cash flows: Cash collected from customers $385,000 Cash paid to purchase inventory 199,000 Cash paid to employees 85,000 Cash paid to purchase investments 40,000 Cash received from sale of investments 35,000 Cash paid for dividends 30,000 Calculate the amount of salaries expense reported in Buckeye Company's 2018 income statement. Do not use decimals in your answer.
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Assuming monthly amortization of patents
: Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $372,600 and a remaining useful life of 9 years. During 2014, Nieland incurred research and development costs of $106,930 and brought a pat..
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Calculate the adjusted basis of the property
: During 2015, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000. Calculate the adjusted basis of the property. Calcu..
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Calculate the initial effect of this lease on debt ratio
: ABC Corporation’s balance sheet shows assets of $10,000,000, liabilities of $5,500,000, and equity of $4,500,000. ABC enters into a capital lease for certain equipment. On the date of signing, the present value of the lease payments is $700,000. Calc..
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How much is her taxable income
: Cross receives a monthly paycheck from a bakery plant of $3,500.30. She is married and is entitled to 3 withholding allowances. How much is her taxable income? Use the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text.
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Calculate the amount of salaries expense reported
: The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2018 and December 31, 2018: January 1, 2018 December 31, 2018 Accounts receivable 51,000 70,000. Calculate the amount of salaries expense reported ..
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Decrease in cash from operating activities
: Montgomery Company reported net income for the current year, but the company's Statement of Cash Flows reported a decrease in cash from operating activities.
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How return on assets and return on common equity
: Explain how Return On Assets and Return on Common Equity can be disaggregated into their component parts and the use of disaggregation in the analysis of profitability.
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Target costing and cost analysis for pricing decisions
: Managerial Accounting (9th edition) by Hilton Chapter 15 Target Costing and Cost Analysis for Pricing Decisions 681 Case 15-48 Gargantuan Industries is a multiproduct company with several manufacturing plants. What unit selling price should Gargantua..
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Materials price and quantity variances
: Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 6 microns per toy at $0.33 per micron..
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