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Clark Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $12 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?
A) 30%.
B) 40%.
C) 60%.
D) 70%.
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
There are five conditions that must be met before an auditor can issue a standard unqualified report for the audit of a private company. Please discuss each of these five conditions.
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
What's the difference between business failure and audit risk? Why should auditors be concerned about business failure?
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
The probability of throwing any two numbers on a die - say, either a 1 or a 2 - on a single throw is one chance out of three, or 33%.
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
What are the two techniques used to convert trial balances from foreign currencies in U.S. dollars? Explain the situations when you would employ each metod.
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable co..
Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partership net income according to the following plan.
Smith has decided to write off the franchise over the longest possible period. How much should be amortized by Smith Co. for the year ended December 31, 2008?
Hutch Corporation finished their fiscal year ending March 31, 2010, with $88,000 of net income. They issued dividends of $22,000 at year end. At the end of the year on March 31, 2010, they had a net loss of ($46,000) and did not distribute any div..
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