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Let's think through an example: Company A produces gadgets at $2 VC and incurs $200,000 FC per month. The gadget's normal sale price is $4 each, its breakeven point is 100,000 units, correct? Now, assume that the company can produce up to 150,000 units (relevant range for this cost structure) and it typically sells 110,000 units per month. A customer has placed a bid for 30,000 gadgets; however, they are willing to pay only $3 each. Would Company A accept the order? What are your thoughts?
The company expects to sell 10% of its merchandise for cash. Of sales on account, 58% are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare a s..
You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper a..
Presented below are unrelated cases involving investments in equity securities. Indicate the accounting required for each case separately.
Many states base their estate tax laws on the federal tax system. Since the end of 2004 some states have decoupled from the federal estate tax.
On January 1, Hurley Corporation issues $2,000,000, 5-year, 12% bonds at 96 with interest payable on July 1 and January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line metho..
consider two bonds. One is maturing in 5 years and one matures in 10 years. Each has a coupon of 8% paid annually. Each is priced to yield 9% as follows: 5 years $961.10 and 10 years $935.82. Why the difference in price?
Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable inc..
Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they should be recorded. 2. In your opinion, should the unrealized gains on the investment held in the special revenue fund be considered expendable..
The principal concern with accounting for related party transactions is: (a) The size of the transactions (b) Differences between economic substance and legal form
(a) Prepare the journal entry at the date of the bond purchase. (b) Prepare a bond amortization schedule. (c) Prepare the journal entry to record the interest received and the amortization for 2009.
The county is required to use any accrued interest or premiums for servicing the debt issue. What effect, if any, do interest payments have on the carrying value of the bond issue as reported in the financial statements?
Salvage value is estimated at $50,000. Actual activity was 180,000 units in 2004, and 200,000 units in 2006. Compute the annual depreciation expense for 2006.
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