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Point 1: During the weekend of Sept. 25-27, 2015, Apple sold 13 million iPhone 6S and iPhone 6S Plus phones. Each phone had been accounted for in Apple's inventory at their manufacturing cost of $349 and were sold for $649.
Question 1: Assuming that all 13 million phones were sold for cash, please write the two journal entries needed to record the revenue and reduction from inventory for the sale of all 13 million units:
Should HGH invest in the new press assuming their expected rate of return is 12%? Provide reasons and you must show your work.
On January 1, 2015, Crimson Corp., a closely held corporation, issued 5% bonds with a maturity value of $90,000, together with 1,500 shares of its $3 par value common stock, for a combined cash amount of $121,800. The market value of Crimson’s stock ..
Digregory makes all purchases on account, subject to the following payment pattern: If purchases for January, February, and March were $195,000, $175,000, and $225,000, respectively, what were the firm's budgeted payments in March?
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Administrative expenses required for liquidation are anticipated to be $52,440. Prepare a statement of financial affairs for Oregon Corpora..
A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After having attempted to work alone for some time, the employee is seeking assistance to gain an overall understanding of the ways in..
Calculate the net present value, ignoring the additional benefits described by Rick. Should the tow truck be purchased? Calculate the net present value, incorporating the additional benefits suggested by Rick. Should the tow truck be purchased?
Current assets $ 111,000 Buildings & equipment (net) 239,500 Total assets $ 350,500 Liabilities $ 67,500 Common stock 150,000 Retained earnings 133,000 Total liabilities and equities $ 350,500 On May 1, Donovan holds a building with a fair value $34,..
Calculate the PDOR for each cost pool. What PDOR rates will be used in each department to assign costs to the sail boats? How much MOH was assigned to the Northeast Office? Midwest Office?
If in the company notes it shows that depreciation expense is going up each year what is the most probable the depreciation method being used?
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method to account for units and ..
The Caldwell Herald newspaper reported the following story - Frank Ormsby of Caldwell is the states newest millionaire. By choosing the six winning numbers on last weeks state lottery
Evaluate Charger Company's monthly break-even point and Evaluate the unit sales required to earn a monthly after-tax income.
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