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The following materials standards have been established for a particular product:
Standard quantity per unit of output..............5.1 gramsStandard price..................................$11.95 per gram
The following data pertain to operations concerning the product for the last month:
Actual materials purchased.......................6800 gramsActual cost of materials purchased.............$86360Actual materials used in production..............6300 gramsActual output....................................1000 units
What is the materials quantity variance for the month?
A) $6,350 U
B) $5,975 U
C) $15,240 U
D) $14,340 U
In 2009, Ray incurs $60,000 of mining exploration expenditures, and deducts the entire amount for regular income tax purposes. Which of the following statements is incorrect?
Although her records of the expenses incurred in the breeding activity are spotty, she can establish that in year 10 she spent $1,000 on transportation and lodging to attend cat shows, $400 on cat food, $700 on veterinary expenses, and $300 on gro..
Under the FASB-explain the disclosure requirements for share based compensation. This post should include an example of how the standard should be applied.
At the Board of Director's meeting to review the year-end financial statements, they were concerned that the gain on the sale of the stock was not reported on the income statement. They believed that since the stock was sold at a price higher than..
If the company keeps and overhauls its present generator, then the generator will be usable for eight more years. If a new generator is purchased, it will be used for eight years, after which it will be replaced.
List and describe one advantage and one disadvantage of raising external funds with debt, preferred stock, and common stock.
The company received a proposal from a foreign company to buy 6,000 units of Alder Company's product for $50 per unit. This is a one-time only order and acceptance of this proposal will not affect the company's regular sales.
Journalize the adjusting entry required at the end of the year assuming the amount of unexpired insurance related to future periods is 4,200.
A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
On March 1, 2005, Andrews Corporation issued $900,000, 8%, 5-year bonds dated January 1, 2005, for $834,500, including accrued interest. The bonds pay semi-annual interest on January 1 and July 1 and mature on January 1, 2010. The company uses the..
When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
You have been hired as a consultant by the Board of Directors of Landry's Restaurants, Inc. to evaluate the financial status of the company.
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