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A company purchased materials costing $12,000 that, according to standards, should have cost $11,000. They used $8,000 of the materials (at standard cost) in the current period. The journal entry under a standard costing system would include:
A) a debit to the direct materials quantity variance for $4,000.
B) a debit to the direct materials price variance of $1,000.
C) a credit to cost of goods sold for $4,000.
D) a debit to work-in-process for $11,000.
One of the qualitative characteristics included in the revised framework is "faithful representation". Please evaluate the significance of faithful representation in the preparation of Financial Statements. You should Explain the term "faithful re..
Prepare journal entries to record the following transactions related to long-term bonds of XYZ Co. On July 1, 2008 XYZ retired $150,000 of the bonds at 102 plus accrued interest. XYZ uses straight-line amortization.
As a potential investor in the shares of multi-national enterprises, which inflation method, restate-translate or translate-restate, would give you decision needs? Which information set is best from the viewpoint of foreign subsidiary's shareholde..
(a) Prepare the journal entry at the date of the bond purchase. (b) Prepare a bond amortization schedule. (c) Prepare the journal entry to record the interest received and the amortization for 2009.
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
Create an REA diagram of data model for Fred's Train Shop's expenditure cycle related to acquisition of office equipment and other fixed assets. Assume that Fred makes installment payments for most fixed-asset acquisitions, but occasionally pays f..
What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2012, Vandross decides to increase its estimate to 2%.
Describe two methods for treating the preacquisition revenue and expense items of a subsidiary purchased during a fiscal period.
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use? What is taxable income, and how is it determined?
Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Compare and contrast how production analysis is performed and capable to evaluate production situations using economy of scale, elasticity and other analytic tools.
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