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MacGiver Brass is a brass plating firm with sales of $8 million and profits before taxes of $625,000. MacGiver has a loan outstanding at its local bank for working capital purposes. As the loan officer reviewing MacGiver's loan application, you are charged with making a recommendation as to whether the $608,000 loan should be renewed for another year. Upon reviewing MacGiver's most recent annual report, you find the following footnote: Underabsorbed overhead of $462,000 was prorated to inventories (2?3) and cost of goods sold (1?3). Required: a. How should you evaluate MacGiver's annual report in light of this footnote? In particular, how does this footnote affect your recommendation regarding the loan? b. In preparing for your meeting with MacGiver's president and chief financial officer, what questions do you want to ask regarding this footnote?
consider the various departments of a college. which departments might use job-order costing and which might use
Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..
FASB has identified three types of accounting changes.
tony and suzie purchase a suburban for 12000. the vehicle is purchased in late june and will be put into use on july 1
brandt cpas has obtained big-bucks a new publicly-held client. big-bucks has various accounting-related needs that
Which of the following business has the burden of unlimited liability?
jay patel is planning to open a pizza restraunt next month in flora alabama. he plans to sell his large pizzas for a
caculate the book value of a three-year old machine that cost 400000 has an estimated residual value of 40000 and has
johnson company operates two plants plant a and plant b. last year johnson company reported a contribution margin of
Apr.17 Purchased 20,000 shares of Company W common stock for $395,000 plus a brokerage fee of $3,500. The shares represent a 30% ownership in Company W.
Identifies price variances at the earliest possible point in time.
Market conditions are such that sales made internally or externally will not affect market or transfer prices. Intermediate markets will always be available for Bayside, Cole, and Diamond to purchase their manufacturing needs or sell their product..
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