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Millward Corporation's books disclosed the following information for the year ended December 31, 2011:
Net credit sales .................................... $1,500,000Net cash sales ...................................... 240,000Accounts receivable at beginning of year ............ 200,000Accounts receivable at end of year .................. 400,000
Millward's accounts receivable turnover is:
a. 3.75 times.
b. 4.35 times.
c. 5.00 times.
d. 5.80 times.
Meredith Corporation acquired 20% of the outstanding common stock of Cairo Corporation on December 31, 2010. The purchase price was $1,250,000 for 50,000 shares.
Which of the following indicates that a company may benefit from an Activity-Based Costing system?
Ramsey Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 60,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions?
kenwood, Inc, uses a predetermind overhead rate based on direct laboor- hours to apply manufacturing overhead to jobs. at the beginning of the year.
List the advantages and disadvantages of Public versus Private Financing.
Analyze the risks in the systems that your team analyzed. Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the own..
Review an annual report of a popular company ie. Target, Kohl's Bass Pro shops, and answer the following questions with references:
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
1. Why is not taxable income used to determine if a distribution is a dividend? 2. What is the Dividend Received Deduction? Why do we have it?
Journalize Fidelity's distribution of the stock dividend on May 11. What was the overall effect of the stock dividend on Fidelity's total assets? On total liabilities? On total stockholders' equity?
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