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Crafts Galore, a distributor of handmade gifts, operates out of owner Jenny Finn's house. At the end of the current period, Jenny reports she has 1500 units (products) in her basement, 30 of which were damaged by water and cannot be sold. She also has another 250 units in her van, ready to deliver per a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a retail store. How many units should Jenny include in her company's period-ending inventory?
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
During the current year JET Industries issued 5 million of its $1 par common shares to its underwriters for $25,000,000 less promotional and accounting services of $500,000 to effect the issue.
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
The revenue principle states that revenue shall be recognized at a point when
evaluate the logic of reflecting key person life insurance in the operating activities of the cash flow statement and determine if this presentation is misleading to users of the financial statements.
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
A Company produces and sells three products (A,B,C). The following data relate to the three products.
The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.What is the total direct labor variance for (1) the cutting department?
If the standard deviation of demand is six per week, demand is 50 per week, and the desired service level is 95%, approximately what is the statistical safety stock?
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