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Where Cost Accounting may be useful? How far the outcome can be relied upon? What might be the pitfalls
An analysis of the general ledger accounts indicates that office equipment which cost $68,000 and on which accumulated depreciation totaled $22,500 on the date of sale was sold for $39,600 during the year.
Explain what is meant by "qualitative characteristics of accounting information"? Example What are the four basic assumptions that underlie the financial accounting structure? Explain.
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Sigma company applies overhead cost to jobs on the basis of direct labour cost. Job A,which was started and completed during the current period,shows charges of 5,000 for direct materials,8000 for direct labour,and 6,000 for overhead on its job co..
By reducing labor and other operating costs, the machine would provide annual cost savings of $59,000. The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
Prepare the journal entry on July 1, 2010, for SEK Corp. to record the sale of receivables without recourse. Prepare the journal entry on July 1, 2010, for Mays Finance Corporation to record the purchase of receivables without recourse.
List three potential reasons for such a significant decline. What are three things Mark should consider doing to improve the ratio? How is the accounts receivable turnover ratio used and what does it measure?"
Samuels, Inc. reported net income for 2011 is $105,000. During 2011 the company had 5,000 shares of $100 par, 5% preferred stock and 20,000 of $5 par common stock outstanding.
I need to determine the best form of business entity for a business having the following characteristics and explain why choose that form of business:
A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. Th..
One month later, the bank's losses become the subject of a major financial scandal. Benny is mad and wants to sue. Does Benny have a case? Explain.
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