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The Freedom CLothes Company produced 18,000 units during June of the current year. The Cutting Department used 3,500 direct labor hours at actual rate of 12.10 per hour. THe Sewing Department used 5,800 direct labor hours at an actual rate of 11.80 per hour. Assume there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is 12.00. The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.
a. Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
On October 1, 2011, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Rey adopts the calenda..
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
Juan's Taco Corporation has restauraunts in five college towns. Juan wants to expand into Austin and College Station and needs a bank loan to do this. Mr. Bryan, the banker,.
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007. Prepare the income tax expense section of the income statement for 2007, beginning with the line "Income before income taxes."
Gordon uses a minium desired rate of return of 12% for selecting new projets and for evaluating the three divisions using residual income (RI). The firm's weighted-average cost of capital is 8%.
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they v..
Knique Shoes issued a 100,000, 8 month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is:
The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.What is the total direct labor variance for (1) the cutting department?
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
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