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At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?
a. Not effect net income.
b. Decrease net income by $200,000
c. Increase by $800,000
d. Decrease by $800,000
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
Based on the information in question #1 what was the total standard cost of direct materials allowed during May?
Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.
Annual cash savings from the purchase of the machine will be $20,000. Compute the internal rate of return and payback period.
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,00..
It did not pay any dividends during the year. By what amount would Athlon's investment in Opteron Corporation increase for the year, if Athlon used the equity method.
The Lawrence Company sold fixed assets for cash of $8,000. The assets had a book value of $5,000. How should this be reported in the investing activities section of a statement of cash flows?
Prepare journal entries to record issuance of the stock options, termination of stock options, exercise of the stock option and the charges compensation expense for year ending 12/31/2010, 12/31/2011, 12/31/2012"
How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Provide examples. - Answer 100-150 words.
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
Allen invests $20,000 cash and Anne invests land that originally cost $20,000 in their new partnership. The land is now worth $35,000. Which of the following is the balance in Anne's capital account?
Which of the following scenarios reflects the correct application of U.S. GAAP for capitalization of certain expenditures as intangible assets?
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