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Explain the following in a memo to your instructor.
a) The comparative advantages and disadvantages of ideal versus normal standards.
b) The factors that should be included in setting the rice and quantity standards for direct materials, direct labr, and manufacturing overhead.
Describe financial statements users (internal and external) . Who will benefit the most from accounting?
Prepare the necessary correcting entries, assuming that Longfellow uses a calendar-year basis.
On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per shar..
The new equipment is expected to generate cost savings of $20,000 per year in each of the 6 years. Kumanu's discount rate is 16%. What is the net present value of this equipment?
Efficient markets assume that stockholder wealth is affected by the amount and timing of cash flows. Which alternative is more favorable to them: purchasing before year-end or waiting until January? Explain.
Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:
Imagine you are preparing a business s cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision?
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
What role does the Internal Revenue Service play in interpreting, and providing guidance on, the tax law? What types of tax law guidance are published by the IRS?
Explain the auditor's responsibility for discovery of subsequent events occurring after completion of fieldwork but before issuance of the audit report.
If the cost of ZZ is allocated to the X and Y products on the basis of the number of gallons produced, how much of the total cost of the 400 drums should be charged to each product?
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
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