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Pot Co. holds 90% of the common stock of Skillet Co. During 2011, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skillet had sales of $420,000 and cost of goods sold of $252,000. Included in the amounts for Skillet's sales were Skillet's sales of merchandise to Pot for $140,000. There were no sales from Pot to Skillet. Intra-entity sales had the same markup as sales to outsiders. Pot still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011?
Renegade Co. is a wholesaler of motorcycle supplies. Anaging of the company's accounts receivable on December 31,2008, and a historical analysis of the percentage of uncollectibleaccounts in each age category are as follows:
Reck Gvt and Non Profit Accounting
The Grant Company has sales of sales of $300,000, and the break-even point in sales dollars if $210,000. Determine the company's margin of safety percentage.
What role(s) does corporate social responsibility play in the development of a safety-first culture? What documents and strategies can management adopt to ensure that a corporate safety-first culture exists?
The terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net..
The mcDaniel company s financing plans for next year include the sale of long term bonds with a 10% coupon. The company believes it can sell the bonds at a price that will provide a yield to maturity of 12%. If the marginal tax rate is 34%, what i..
The fixed costs are $450,000, andMorino is in the 30% corporate tax bracket. What are the sales(dollars) required to earn a net income (after tax) of$25,000?
Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase.
The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.What is the total direct labor variance for (1) the cutting department?
Prepare 2014 entries for Crow assuming that the warranties are not an integral part of the sale. Assume that of the sales total, $150,000 relates to sales of warranty contracts. Crow estimates the total cost of servicing the warranties will be ..
Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours. a. Calculate the direct materials price variance for May.
What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their useful life? Why is there a distinction between purchased and internally created intangibles?
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