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Ace Company began business on January 1, 2010 to make and sell chairs. During the year, Ace rented a factory for $5,000 per month, spent $100,000 on component parts for chairs, $40,000 on factory labor, and $10,000 to advertise the chairs. Ace used 90% of the component parts to make 500 chairs and sold 490 of the chairs for $600 each. 100 chairs were in process at the end of the year with a cost of $9,000. Each month, Ace paid $2,000 for secretarial services. Ace also paid sales commissions of $100 for each chair sold.
(a) What was the cost per chair completed ?
(b) Prepare a schedule of cost of goods manufactured.
(c) Prepare an income statement.
On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
The present value of $100,000 to be received in five years at an interest rate of 16% compounded annually, is $47,610. Calculate the present value of $100,000 for each of the following:
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Which of the following is an advantage of a corporation over a partnership?
A company has a return on common stockholders' equity of 22%. Net income is $600,000 and average common stockholders' equity is $2,500,000. What is the amount of preferred dividends?
Using the data for home selling prices attached, test a realtor's claim that the average age of all homes in the area from which the random sample is drawn from is less than 30 years. Assume the distribution of ages of homes follow an approximatel..
Prepare a combined statement of income and comprehensive income for 2011, beginning with net income.
Compute the following and show the computations that support your answers. Equivalent units of production for materials and conversion costs in the Cutting Department for the month of November. Cost per equivalent unit for materials and conversion..
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