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A company that has operated with a 30% average gross profit ratio for a number of years had $100,000 in sales during the first quarter of this year. If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter, its estimated ending inventory using the gross profit method is:
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
Fairfield company management has budgeted the following amoumts for its next fiscal year total fixed expenses 832,500, sale price per unit 40, variable expenses per unit25 what will happen to the breakeven point in units if fairfield can reduce fi..
You are a division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximize revenues from sales of the Highlander?
The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:
The revenue principle states that revenue should be recognized at a point when:
Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period.
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial. Prepare the necessary journal entry to close the overhead account if the balance is considered material.
Hess Co. manufactures a product that sells for $12 per unit. Total fixed costs are $96,000 and variable costs are $7 per unit. Hess can buy a newer production machine that will increase total fixed costs by $22,800 but variable costs will be decre..
What is the fundamental accounting model? Explain what debit and credit mean? What is a journal entry?
Roberto Corporation was organized on January 1, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Roberto had the following transactions relating to shareholders' equity:
Describe the accounting rules and regulations you would introduce to ensure that these types of accounting irregularities do not occur in the future.
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