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Jordan and Taylor became friends after meeting on a reality cooking show. They have recently decided to start an Internet business to sell their delicious chocolate brownies. Their knowledge of business, unlike their totally awesome culinary skills, is questionable. Knowing that you are accounting students, they will be asking you advice now and then. You received a text that Jordan and Taylor were on their way. When they arrived, you could smell the aroma of fresh baked brownies. You are glad that you purchased a gallon of milk earlier in the day. Jordan hands you a list of ingredients for their special recipe. Meanwhile, Taylor is concerned that more than just their labor and ingredients should be taken into consideration to properly gauge a selling price. An Internet gourmet foods company, “Yumminess”, will be including “Chocolate Attack Brownies” (CAB) in their online catalog. CAB will be sold in square tins and captioned with personal greetings. Jordan negotiated a selling price to Yumminess at $10 per tin. The product cost is $8 per tin, which includes $6 of direct material and $1.50 of direct labor. Annual manufacturing overhead is estimated at $100,000 for the expected sales of 200,000 tins. Operating expenses are projected to be a fixed annual amount of $80,000. If 200,000 tins are sold, was is the total Gross Profit?
Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented.
What do you think about the criteria used to determine which costs should be included in the inventory? Summarize the reason for the amounts Steel Company's inventory should be reported on the balance sheet.
a single basis (or activity base) should be used for all costs.GAAP requires the use of industry-mandated standardized activity bases.
Calculation of profit - loss on sale of asset under SLM - Calculate the profit or loss on sale of machine in each of the following alternative cases:
Andrews Company has $80,000 available to pay dividends. It has 2,000 shares of 10%, $100 par, preferred stock and 30,000 shares of $10 par common stock outstanding. The preferred stock is selling for $125 per share, and the common stock is selling fo..
Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the equipment?
In a pro forma income statement, why would a finance manager make changes in the prior year’s percentages for different line items? Give an example of a line item that you would expect to vary in percentage every year as sales forecasts grow.
A 1-year, $19,800, 12 percent note is signed on April 1. If the note is repaid on December 1 of the same year, how much interest expense is incurred? (Do not round intermediate calculations.)
Robin Corporation would like to transfer excess cash to its sole shareholder, Adam, who is also an employee. Adam is in the 28% tax bracket, and Robin is in the 34% bracket. However, Robin is considering paying Adam a $25,000 dividend because the tax..
1. according to the textbook there is a finite amount of time that our civilization can exist based on which of the
Refer to the “Expected payoff” formula below: Suppose the payoff for each of four strategic interactions is as follows: Rival Response Your Company's Action Reduce Price Don’t Reduce Price Reduce Price Loss = $800 Gain = $50,000 Don’t Reduce Price Lo..
What is the rationale for Alternative Minimum Tax? Why is it that many more people are subject to it now that were not intended to be subject to it before?
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