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The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavorable; and the standard quantity of materials allwed for July production was 21,750 pounds. What is the materials price variance for July?
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Prepare the entries to record the sales transactions and related taxes for (a) Grainger Company and (b) Darby Company.
In a recently administered IQ test, the scores were distributed normally, with mean 100 and standard deviation 15. What portion of the test takers scored between 70 and 130?
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
What 2010 income, if any, must Maritza report due to the receipt of the incentive stock options?
Leon Tyler's VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each. What interest rate is Leon paying?
When should Beth recognize income under the accrual method of accounting.
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Compute basic earnings per share for 2009.
Construct the stockholders' equity section incorporating all the above information.
What factors should be considered in making an estimate of the loss accrual? What information should management disclose in the footnotes to the financial statements concerning this purchase commitment?
Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows ..
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase?
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