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Sail New England prduces small sailboats for beginning sailors and for small boat regattas. Sales in the most recent year were $5,000,000 with profits before taxes of $600,000. Annual S,G,& A expenses are approximaely $1000,000, direct materials and direct labor for products sold were $1,900,000 and $600,000, respctively. Sail New England has a loan outstanding of $700,000 with its current bank, and has come to your bank to see if you will offer better terms to replace the existing loan. The CFO has forwarded you their annual report in preparation for a meeting to discuss the loan. While reviewing their annual report, you find the following footnote: Note 1: Under-absorbed overhead of $600,000 was prorated to inventories (75%) and cost of goods sold (25%). A. How does tthis footnote affect your evaluation of Sail New England and its credit-worthiness? B. What questions do you want to ask the president and CFO regarding the footnot
Determine the amount of retained earnings as of July 1 of the current year.- prepare an income statement for July, a retained earnings statement for July, and a balance sheet as of July 31.
The new manager of jill's joint has decided that all employees should be searched before they leave the premises each day because she believes this will reduce the problem of employee theft. Discuss the possible costs and potential benefits the manag..
Calculate Dahl's 20X6 consolidated net income and identify the amount attributable to Dahl's shareholders and to the non-controlling interest and prepare dated journal entries to record the transactions shown above.
Given the following data calculate the cost of ending inventory using the average cost of ending inventory using the average cost method. Round all calculations to the nearest two decimals places.
Calculate the overhead rate for each activity center based on the activity-based costing techniques.- Determine the total cost to produce one unit of each product.
Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2012, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciat..
A company reported the following information for 2014: Calculate Net Income: Calculate Other Comprehensive Income: Calculate Comprehensive Income:
Bed & Bath, a retailing company, has two departments, Hardware and Linens. The company’s most recent monthly contribution format income statement follows: If the Linens Department is dropped, what will be the effect on the net operating income of the..
Borealis Manufacturing has just completed a major change in its quality control (QC) process. Previously, products had been reviewed by QC inspectors at the end of each major process, and the company's 10 QC inspectors were charged to the operation o..
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer's qualified pension fund. She elects to receive her retirement benefits as an annuity of $3,000 per month for the remainder of he..
Describe the advantages of a sole proprietorship and a limited liability corporation and do you recommend that this client choose an LLC or not?
Martz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2014, customers purchase products for $302,000 ..
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