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Hinrich Entertainment distributes a DVD which sells for $12 per unit. Hinrich pays $7 per unit to buy the product. Selling cost of $1 per unit is incurred to deliver the product to the customer. This is paid in cash when the product is sold. Additionally, Hinrich has $50,000 per month in fixed selling and administrative expenses (including $3,000 in depreciation), which are paid half in the month incurred and half in the next month. It is Hinrich's policy to maintain an inventory at the end of each month equal to 30% of the next month's projected cost of sales. Hinrich makes 30% of sales in cash, and the rest are on credit. Credit sales are collected in the month after sale. Budgeted monthly sales in units for the first five months of 2008 are as follows:
What will total collections be in February?
1. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entry to record the award on January 1, 2009.
johnson alarm systems had 800000 if retained earnings on december 31 2008. the company paid common dividends of 60000
California Wines offers credit terms of 2/5, net 25. What is the effective annual rate on a $8,000 purchase of wines if you forgo the discount?
a. Determine the budgeted factory overhead rate based on direct labor-hours. b. What is the applied overhead based on direct labor-hours? c. Is overhead overapplied or underapplied and by how much?
a shana purchased a car for 30000 by putting 20 down in cash with the balance due as a note payable. journalize this
home repair corphrc operates a building maintenance and repair business. the business has three office employees- a
Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.
What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
today an organization must manage cash receivables and inventory wisely. in regard to each of these three variables
acme corporation has 1000 shares outstanding. joan and bill are married and they each own 45 shares of acme. joans
The firm is liquidated, and $120,000 in cash is received for the noncash assets. Bay and Lee income ratios are 55% and 45%, respectively.
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