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Why is it important for companies like Custom Furniture Company to correctly classify and record costs such as direct materials (e.g., wood used for each table), salaries of administrative personnel, and rent on the factory?
A company which manufactures 3 types of automobiles (standard, mid classm and luxury incurred the following costs for March. What are the direct costs to the mid-line of cars total
At 1/1/12 Rain Corp has 80,000 in accumulated E&P. They incur a deficit in current E&P of (50,000) for the tax year 2012. On 4/1/12 Rain Corp distributes 40,000 to its sole shareholder Nancy. Nancy’s basis at 1/1/12 in the corporation is 25,000. How ..
Discuss how differences between pooling and purchase accounting for acquisitions affect future reported earnings if the Pierson/Drew business combination.
Equity increased by $800,000 during the year including net income of $600,000 and other comprehensive loss of ($150,000). The company had no stock transactions during the years (issues or repurchases). How much was comprehensive income for the year?
On January 1, 2014, Tom Davis paid $24,000 for 240 shares, and Jenny Coleman paid $12,000 for 120 shares of Repro Company, Inc., common stock. Prepare general journal entries for each of the transactions. Post the journal entries to into t-accounts. ..
Lauderdale Inc. leased a new dump truck to Fort Con-struction under a 5-year noncancelable contract starting January 1, 2014. Terms of the lease require payments of $30,000 each January 1, starting January 1, 2014. Identify the type of lease involved..
If selling prices of finished products Y and Z remain constant, percentage of joint costs allocated to product Y and product Z would
Explain the concept of attributions of responsibility and provide an example of how it works please
With reference to the Corporations Act (2001), Different between proprietary company and public company including the disclosure and reporting requirements for each type of company, discuss the advantages and disadvantages for each type of company.
Explain how would you design the procedures to prevent the keying error in regards to payroll procedures and is there a way to automate this process?
Prepare a marginal costing cost statement for your product on a per unit and 12months sales/production basis.
At December 31, 2016, Company A has assets of $430,000 and liabilities of $205,000. Based on this information and your understanding of the accounting equation, which of the following statements are true? A prepaid account is an expense account. Cons..
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