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Question - On 1/1/2000 Crazy Company purchased all the outstanding stock of Normal Company. On 10/1/2011 Crazy sold inventory to Normal for $40,000. This merchandise had cost Crazy $20,000 to produce. At the end of 2011 Normal had sold ½ of the merchandise from Crazy for $22,000. In 2012 Normal sold the rest of the merchandise from Crazy for $23,000.
Required: Prepare the journal entries for crazy, normal and worksheet for 2011, 2012...both crazy and normal use perpetual inventory.
During the year, the Senbet Discount Tire Company had gross sales of $1.14 million. The firm's cost of goods sold and selling expenses were $533,000 and $223,000, respectively. The firm also had notes payable of $880,000.
How much cash did the nonfinancial (that is, nonbank-like) firms in the Standard and Poor's 500 have at the end of 2009? How big an increase in cash did this represent over the prior year?
The city council made an appropriation of $95,000 to the Police Department for the purchase of supplies, equipment, and vehicles.
Terry plans to include the payment in his gross income but because he spends most of his time playing golf and absolutely no time working on legal matters, he does not intend to pay self-employment taxes on the income. Is Terry subject to self emp..
An HMO has a Point of Service (POS) option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $2,000, of which $1,200 is approved, how much must the member pa..
the rump organization rump an sec registrant is a commercial real estate company that purchases and constructs
On the basis of the information given, would you change the cost driver or predetermined overhead rate for 2012? What cost driver would you suggest? What would be the new predetermined overhead rate
Please explain in detail. Thank you! We assume that the billing period is one week rather than one month and that the weekly rate is 1%. You begin with a balance of $1000.
May is required to include the $400 she received from her employer in her gross income but excludes the $600 workers' compensation payment. Discuss why the payments are taxed differently
Based on the above article and your prior readings, do you agree with the notion of value costing for the 21st Century organizations. Why or Why Not?
a sales invoice included the following information merchandise price 5000 freight 900 terms 110 neom fob shipping
They are Issued at $643,419 and their market rate is 10% at the issue date. Determine the total bond interest expense to be recognized over the bonds' life
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