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Mississippi Company produces and sells one product. Its sales and expenses for last month were:
Total Per Unit
Sales $17,600 $16.00
Variable costs 11,000 11.00
Contribution Margin 6,600 6.60
Fixed costs 6,000
Profit 600
Compute Mississippi Company’s margin of safety in dollars and as a percentage of sales.
In its applicable financial statements, Orange reported $4,000 in 2009, $24,000 in 2010 and $20,000 in 2011 as gross revenues. Explain how much of the $48,000 must Orange recognize for federal tax purposes in 2009, 2010 and 2011
Palm received $25,000 of prepaid rent not included in book income. Based only on these items, compute Palm's taxable income.
An energy conservation option has a first cost of $100,000, it requires $6,000 in maintenance and saves $12,000 per year. If 400 people are to occupy the building with an annual salary of $60,000 and the device decreases production by 5%, what is the..
Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.
75% of sales are on account. 50% of credit sales are paid for in the month of the sale, 30% in the month following sale, and 20% are paid two months after the month of the sale. Prepare the cash collection schedule for July through September includin..
For each of the independent situations identified above, consider and conclude whether the entity is a reporting entity and whether it is required by the Corporations Act 2001 to prepare general purpose financial statements.
Morales Corporation produces microwave units. The following per unit cost information is available: direct materials $36; direct labor $24; variable manufacturing overhead $18; fixed manufacturing overhead $40; variable selling and administrative exp..
Compute 2014 cash-basis net income and Compute 2014 accrual-basis net Income- Primo Industries also paid $72,000 for expenses In 2014. Of the amount paid, $30,000 was for expenses Incurred on account In 2013.
Which of the following persons is not a "family member" for purposes of the related party rules? A taxpayer pays $200,000 for real property. The market value of the land and building purchased are $120,000 and $180,000, respectively. The taxpayer's b..
Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment?
Revenues total $10,200. Expenses total $7,300. Dividends paid total $2,600. What is the balance in the Income summary account after closing net income or loss to the Retained earnings account?
does economics indicate hat this change will help americans achieve higher living standards?
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