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J-mart and Buy-Lo are two companies that sell identical products. They are located in different parts of the same city. During September, J-mart sold $25,000 of goods, while Buy-Lo sold $19,000.J-mart's profit was $9,000, and Buy -Lo profit was $3,000. Compare the efficiency and effectiveness of the two companies.
You are at a company picnic and the company president starts a conversation with you. The president says, "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the pre..
At what level of sales (in units) for the two-month period should Birch Company be indifferent between closing the plant or keeping it open? Show computations.
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
Jane contributed land with an adjusted basis of $150,000 and a fair market value of $200,000. The land contributed by Stephanie was encumbered by a $250,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation,..
Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the write-off (a) assuming that the direct write-off me..
Discuss the effects that a drop in value of the U.S. dollar in relation to other currencies on the foreign exchange markets has on:
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
Explain each step of the accounting cycle. Describe at least one transaction that would occur at the company you selected in each of these steps.
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
During the current year, Top sold merchandise to Bottom for $100,000. The subsidiary still possesses 40 percent of this inventory at the end of the current year. Top had established the transfer price based on its normal markup. What are consolida..
Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.
Sheldon used 25 percent more direct labor hours than the standard allowed. What was the direct labor flexible budget variance for the month? A. B. C. D. E. $20,000 unfavorable.
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