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Problem 1: The Roten and Welborn Partnership incurred a loss of $30,000 for the current year. The beginning capital balances of the partners were respectively, $45,000 and $55,000. Prepare journal entries to transfer the loss to the partners' capital accounts based on the following agreements.
a) No mention of profit/loss agreementb) Salary of $40,000 to Roten and $20,000 to Welborn, balance divided in the ratio of 3:2c) Interest of 12% on beginning capital balances, balance divided in the ratio of 2:3
Prepare a production budget for January and February 2012 and prepare a direct materials budget for January 2012.
Prepare the entry in November for the receipt of the subscriptions and prepare the adjusting entry at December 31, 2012, to record subscription revenue earned in December 2012.
Whichever project is chosen, it will not be replaced when it wears out. If tax rate 34% and the discount rate is 8%, which project should the firm choose?
What price will Grinnell Lake Gift Shop charge for the carved bear candle? What price will Grinnell Lake Gift Shop charge for each scented votive candle?
Broxterman Corporation has provided the following information concerning a capital budgeting project
Calculate the direct materials used in production during the period. Calculate the total manufacturing cost for the period.
How to Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover.
Using the average cost method, compute for equivalent units of production and prepare cost of production report under each of the Loss occurs at the start.
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Calculate the break even point of the Coconut chocolate product in units and sales, and calculate how many units and sales would have been achieved
Make a statement showing fixed cost and contribution margin in relation with monthly sales, assuming that the prices of S&J Limited are fixed.
Compute price and usage variances for materials. Compute the labor rate and labor efficiency variances. Compute the fixed overhead spending and volume variances.
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