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Question: Comfy Inc. uses five yards of wool in each blanket it produces. Comfy's production budget next year is 30,000 blankets. The anticipated wool inventory at January 1 is 40,000 yards, but the company desires to reduce the inventory to 20,000 yards by the end of the year. Each yard of wool costs $10.
How many yards of wool should Comfy purchase?
a. 190,000 yards
b. 130,000 yards
c. 170,000 yards
d. 1,300,000 yards
Mayaguez Corporation provides its officers with bonuses based on net income. For 2014, the bonuses total $350,000 and are paid on February 15, 2015. Prepare Mayaguez's December 31, 2014, adjusting entry and the February 15, 2015, entry.
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to:
In its 2009 balance sheet, Walmart reported as a noncurrent liability, "Deferred income taxes" of $3,076 million. Why is this different from the $1,605 million "net deferred tax liability" reported in the disclosure note?
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
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furniture inc specializes in the production of futons. it uses standard costing and flexible budgets to account for the
After creditors are paid, $109,000 of cash is available for distribution to the partners. How much cash should be paid to Keegan?
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