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Lagerfield Company reported the following results from the sale of 5,000 hammers in May: sales $200,000, variable costs $120,000, fixed costs $60,000, and net income $20,000. Assume that Lagerfield increases the selling price of hammers by 10% on June 1. How many hammers will have to be sold in June to maintain the same level of net income?
A) 4,000.
B) 4,300.
C) 4,500.
D) 5,000.
A man has a simple discount note at $6,200 at an ordinary discount bank rate of 8.48% for 40 days; what is the effective interest rate?
If you purchased $6000 of inventory for cash; later in the same year one-half of the inventory was sold for $4000 on account. What would the amount of net income and net cash flow from operating activities.
Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share.
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Dick’s Sporting Goods makes customized uniforms. The Great Northwest League has offered to buy 80 basketball jerseys for $16 per jersey-If Dick’s accepts the special order from The Great Northwest League, its operating profit will
Discuss the benefits of maximization of stock price to the society, focusing on three groups of stakeholders: owners, consumers and employees.
Erin owns a mineral property that had a basis of $10,000 at the beginning of the year. The property qualifies for a 15% depletion rate. Gross income from the property was $120,000 and net income before the percentage depletion deduction was $50,00..
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
alva can earn 5% before tax interest on a corporate bond or a 4% dividend on a preferred stock. Assuming that the appreciation in value is the same, which investment produces the greater after tax income?
Poodle Corporation was organized on January 3, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Poodle had the following transactions relating to shareholders' equity:
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