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On November 1, 2009, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. It was credited in full to unearned rent revenue. Assuming the accounting year ends December 31, give the adjusting entry required on December 31, 2009.
Pauw's Pots is considering the production of a new line of pottery. Based on preliminary market research, management has decided that each pot should be priced at $60. Furthermore, management believes that the profit margin should be 40 percent of..
The purpose of this assignment is to get a picture of the various roles managers play and the skills required to perform effectively in an accounting role.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
A project is estimated to generate $5,000 in incremental gross profit, which includes $200 in depreciation. Incremental SG&A expense is $400. At a 35% tax rate, what is the after-tax incremental cash flow? Should the project be accepted or rejecte..
A change in the loss rate on warranty costs is a: a) Change in accounting principle b) Change in accounting estimate c) Change in reporting entity D) Error correction.
Ferman Corporation's common stockholders' equity at the beginning and end of 2010 was $870,000 and $1,130,000, respectively. Ferman Corporation's payout ratio for 2010 was ?
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is?
Explain the accounting and reporting for stockholder's equity. How are restrictions on retained earnings reported? What are the key components of stockholder's equity? Indicate how to present and analyze stockholder's equity.
NEWCO Inc. had current earnings and profits of $50,000 when it made a nonliquidating distribution to an individual shareholder of land that NEWCO Inc. held for use in its business.
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
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