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Madden Electric began operations in 2010 and provides a one year warranty on the products it sells. They estimate that 10,000 of the 200,000 units sold in 2010 will be returned for repairs and that these repairs will cost $6 per unit. During the year 8,000 units presented for repaire. Prepare necessary journal entries.
Armando contributed some inventory from his sole proprietorship to a public charity for its use. On the date of the contribution, Armando's basis in the inventory $2,000 and the fair market value was $5,000.
The following selected transactions relate to certain securities acquired by wildflower Blueprints Inc. Journalize the entries to record the foregoing transactions.
Forecast the separate financial statements of Parent, Inc. Using Ms. Franklin's assumptions and Parent's 2008 financial statements, prepare pro forma 2009 financial statements for Parent, Inc., assuming that the acquisition is not attempted.
In 2009, Magic Table Inc. decides to add a 36-month warranty on its new product sales. Warranty costs are tax deductible when claims are settled. In its financial statements for 2009, Magic Table Inc incurs:
What is the budgeted gross margin in dollars for February?
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
An engineering firm is evaluating their back charges, and from this they claim that their average back charge is $1800. They randomly select 42 customers, and calculate the sample mean back charge to be $2010.
If Kiki Co. uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
Describe a business cycle. Mention all the phases of a business cycle and tell the order where they occur - what is the difference between the real wage and the money wage rate and define the natural rate of unemployment
accidents happen disasters happen the unfortunate happens-but do tax deductions for them happen?describe one basic
The cash flow of a firm which is available for distribution to the firm's creditors and stockholders is called the
What is the difference between gross pay and net pay? Which amount should a company record as wages or salaries expense?
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