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Problem 1: The Common Stock account for Austin Corporation on January 1, 2020 was $60,000. On July 1, 2020 Austin issued an additional 5,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $145,000. Use this information to determine for December 31, 2020 the amount of Earnings per Share
Prepare a stockholder‘s equity section of the balance sheet in proper format using the information. (Remember treasury stock is common stock)
During the month of February, Loard Corporation, a manufacturing company, purchased raw material. What was the cost of goods sold for February?
KAYE 's average markup on its products is 20% of the sales price. How much cash can KAYE collect from receivables during July
What was the fixed overhead budget variance for the period, rounded to the nearest dollar? Baily Division's turnover was exactly the same in both Year
Determine a transfer price for MMC using the general rule. Transfer price sheet is drawn here References eBook & Resources - Compute the company's sales margin, capital turnover, and ROI. Sales margin % Capital turnover ROI % sheet is drawn here Ref..
What was GHI's actual fixed overhead rate? GHI uses a job-order costing system and applies overhead costs using direct labour hours.
Planning, 3,700; Actual Result 3,600 If standard for Administrative expenses is ($4,900 + $0.10q); Determine the Spending Variance for Administrative expenses
According to Martin and Steele (2010, p.13), "The two principal professional associations in Australia - CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significanc..
Calculate material, labor, and overhead variances. List a possible cause for each variance.
In a special order situation, any fixed cost that could be avoided if the special order were not accepted would be irrelevant. True/ false
How many units would have to be sold to yield a target operating income of $22,000, assuming variable costs are $15 per unit, total fixed costs are $2,000
Using the activity-based costing approach, calculate the amount of overhead applied to products, and make the appropriate journal entry.
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