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Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%.
(a) compute the break even point in dollars
(b) compute the margin of safety in dollars and the margin of safety ratio
The buyer gives High Value a promissory note due January 1, 2010. The maturity value of the note includes 8% interest. Include any adjusting and reversing entries
What is the purpose of the chart of accounts? Why are internal controls and audit trails important in a computerized accounting system?
Each unit requires 4 poundsof material that costs $6 each. Sommer's production budget should be:
Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
Everly Corporation acquires a coal mine at a cost of $408,400. Intangible development costs total $102,100. After extraction has occurred, Everly must restore the property.
Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which of the following statements is incorrect?
Why the small business need recording system in their business. What are the advantages of recording system in small business
Father, inc. buys 80 percent of the outstanding common stock of sam corporation on January 1, 2009 for $680000 cash. at the acquisition date, sam's total fair value was assessed at $850,000 although sam's book vale was only $600,000.
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
There are several methods, LIFO, FIFO, Weighted Average, Market, and Historical Cost. If you are in the retail/wholesale business, would you use the same method that you would use if you were in the manufacturing business?
ABC Corporation has assets of $1.35 million, common stock of $351,000, and retained earnings of $214,000. What are the creditors' claims on their assets?
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