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During the current year, the cost of direct materials purchased by a manufacturing firm was $340,000, and the direct materials inventory increased by $20,000. What was the cost of direct materials used during the year?
Cash sales are 30% of total sales and all credit sales are expected to be collected in the month after the sale. What is the total amount of cash expected to be received from customers in May?
Rick knew that this deal was too good to be true and so he took advantage of the offer before the station owner realized what a giveaway this was. How much should Mr. Z. include in his gross income? Explain your reasoning.
Brittle Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the third quarter of the current year.
Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.
Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account)
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
Three years ago, Ralph purhcased stock in White Corporation for $40,000. The current stock has a current value of $5,000. Ralph needs to decide which of the following alternatives to pursue. Determine the tax effect of each.
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..
The Reedy Company uses a standard costing system. The following data are available for November: The actual direct labor rate for November is:
The firm also reports a currency translation gain of $8.9 million as part of other comprehensive income. Calculate the firm's core operating income (after tax) and core percentage profit margin. The firm's marginal tax rate is 39 percent.
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