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On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share.
Required:
Prepare the July 1 journal entry to record the purchase of these trading securities. Refer to the Chart of Accounts for exact wording of account titles.
Michael Products Co. has predicted the following costs for this year for 150,000 units: Calculate the markup on variable costs needed to achieve a target profit of $100,000.
1.finished goods inventory is 185000. if overhead applied to these goods is 74000 and the overhead rate is 110 of
Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be
Discuss how you would obtain an understanding of key business processes of a company that hires you to provide financial services. How is this different from completing an audit?
Watson Bottle Company: Bond amortization table and the adjusting journal entry. On June 1, 2008, Watson Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yie..
LEI's expected net income this year is $34,285.72; its established dividend payout ratio is 30%; its federal-plus-state tax rate is 40%; and investors expect future earnings and divi- dends to grow at a constant rate of 9%. LEI paid a dividend of..
? Use the following information to complete Phillip and Claire Dunphy's 2015 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem.
FDE Manufacturing Company has a normal plant capacity of 75,000 units per month. Prepare a differential analysis report, dated April 21 of the current year
d is the sole shareholder of a corporation and e owns a sole proprietorship. both businesses which were started in the
a. Calculate the number of hours of direct labor used in November. b. Actual Manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount of over or underapplied overhead for November.
adjusted trial balance january 31 2012 debit credit supplies 854 prepaid insurance 2490 salaries and wages payable
A student remarks: "It doesn't make sense that intermediate goods are not counted in GDP. A computer chip is an intermediate good, and without it a PC won't work. So why don't we count the computer chip in GDP?" Provide an answer for the student's..
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