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Johnson Realty bought a 2,000- hectare island for $10,000,000 and divided it into 200 equal size lots.As the lots are sold, they are cleared at an average cost of $5,000.Storm drains and driveways are installed at an average cost of $8,000 per site.Sales commissions are 10% of selling price.Administrative costs are $850,000 per year.The average selling price was $160,000 per lot during 2009 when 50 lots were sold.During 2010, the company bought another 2,000- hectare island and developed it exactly the same way. Lot sales in 2010 totalled 300 with an average selling price of $160,000. All costs were the same as in 2009.
Required: Prepare income statements for both years using both absorption and variable costing methods.
Tiffany remains a partner in the partnership, and the distribution is proportionate to the partners. Find out Tiffany's basis in the land, accounts receivable and TMF partnership after the distribution.
During the year, P sold goods to S for $85,800 at a mark-up of 25% on cost. 30% of these goods are still on hand at the date of consolidation.
Evaluate the amount of cash payments to stockholders during the year
Product A can be sold for $100 per unit. Product B can be sold for $80 per unit. What amount of the joint costs will be assigned to Product A if joint costs are allocated on the basis of number of units produced?
Compute the EUP for direct material,direct labor, and overhead using weighted average process costing. Compute the EUP for direct material, direct labor, and overhead using FIFO process costing.
Identify the differential, avoidable or relevant costs associated with the sourcing location for a call center for Bank of America? Illustrate what are the qualitative costs? Which ones are more important?
Record each of the transactions for Bennett Corporation in a journal.
Purpose the entry to record the exercise of the conversion option, using the book value method.
In Moore Company's flexible budget graph, the fixed cost line and the total budgeted cost line intersect the vertical axis at $90,150. The total budgeted cost line is $392,550 at an activity level of 60,480 direct labor hours. Compute total budget..
Identify the type of cost accounting system - Prepare a flexible budget for manufacturing costs for activity levels between 8,000 and 10,000 units, in 1,000 unit increments.
Evaluate the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL). Evaluate the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).
To make the money last, you have decided to invest it at 12% and withdraw it in 20 equal amounts over the next 20 years. Your first withdrawal will be one year from today. How much will you be able to withdraw each year?
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