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On March 1, 2007, Cain Corp. issued at 103 plus accrued interest 200 of its 9%, $1,000 bonds. The bonds are dated January 1, 2007, and mature on January 1, 2017. Interest is payable semiannually on January 1 and July 1. Cain paid bond issue costs of $10,000. Cain should realize net cash receipts from the bond issuance of
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was $10,500 unfavorable, and the stand..
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
If beginning work in process is 2,000 units, ending work in process is 1,000 units, and the units accounted for equals 5,000 units, what must units started into production be?
What would be Altoona's finished-goods inventory cost on Dec 31 under the variable costing method?
At Flint Company's break-even point of 9,000 units, fixed costs are $180,000 and variable costs are $540,000 in total. The unit sales price is:
Do you think this makes sense? How much of the internal control details should the managers know given that they will have to sign documentation attesting to the efficiency of internal controls?
The Butterfly Corporation had the following information that pertained to its March budget.
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary a..
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
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