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At the end of the current month, Ross Heimlich prepared a trial balance for Main Street Motor Co. The credit side of the trial balance exceeds the debit side by a significant amount. Ross has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month's financial statements by a 5 o'clock deadline. Ross will look for the difference next week when he has more time. Discuss whether Ross is behaving in a professional manner.
In 2014, X Company's revenue was $246,600, its total variable costs were $99,000, and its fixed costs were $87,000. Assume that the revenue and variable cost relationships continue in 2015, but fixed costs decrease by 15%. If the tax rate is 30%, wha..
Below is the activity in Salem Inc's Work In Process and Finished Goods accounts (could be incomplete) for the month of January: What is the cost of goods sold for Salem for January?
A job costing system can be used by which types of companies?
Harris Company’s sales revenue for 2005 was $300,000. Harris has one product that sells for $25 and has variable costs of $18. Fixed costs total $155,000. How many units must Harris sell to break even? Round your answer up to the nearest whole unit.
Eradication Laboratories Ltd is undertaking a number of research and development projects, one of which is described below.
Your boss asked you to calculate the tax shield on the new fleet of tractors the company has purchased. The annual depreciation on the tractors is estimated to be 247,500 and the company's estimated tax rate is 35%. What is the annual tax shield?
Feb.21. Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.
Weidner Company sells 22,000 units at $30 per unit. Variable costs are $24 per unit, and fixed costs are $40,000. Determine (a) the contribution margin ratio, (b) the unit contribution margin, and (c) income from operations.
The net income after taxes is $11,200 for FIFO and $9,800 for LIFO. The tax rate is 30%. The bonus rate is 20%. Explain how much higher is the manager's bonus if FIFO is adopted instead of LIFO?
Prepare, using the operating approach, an estimate of EVA NOPAT. In addition to the above data, you discovered the following: increase during the year of the LIFO reserve.
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Construct NPV profiles for Project A and B.
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