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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.
Purpose a Statement of Cash Flows for Arte's Gallery for the year ended 30 th June 2012 using the preformed provided. Show all calculations.
The consumer price index just increased by 5% increasing the par value of the bond to $1,050. What is your interest payment considering this change?
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all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale.
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute amount of Wiley's net income for the month.
Why is it important to do the kind of due diligence testing and risk assessment review conducted by Cardinal & Coyote prior to determining whether to make a bid for the audit of a potential client?
What is the adjusted budget for appraisal costs, assuming the new method is implemented and 800,000 units are tested during the manufacturing process in 20X5?
Describe process that Jesse should use to determine which payment option he prefers. Ignore all taxes and assume that Jesse will live for at least 45 more years.
If company expects next year's total sales could increase 12%, they want to know ho this change affects their profit. Calculate DOL and then next year's net income in dollar.
What variable overhead cost could have been incurred to fill the orders for the 120,000 items? How much does this differ from the actual variable overhead cost?
Weighted-average shares of common stock outstanding and the journal entry to record this transaction
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