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Spring Waters, Inc., produces bottled drinks. The New York Division acquires the water, adds carbonation, and sells it in bulk quantities to the New Jersey Division of Spring Waters and to outside buyers. The New Jersey Division buys carbonated water in bulk, adds flavoring, bottles it, and sells it.Last year, the New York Division produced 1,500,000 gallons, of which it sold 1,300,000 gallons to the New Jersey Division and the remaining 200,000 gallons to outsiders for $0.40 per gallon. The New Jersey Division processed the 1,300,000 gallons, which it sold for $1,500,000. New York's variable costs were $440,000 and its fixed costs were $120,000.The New Jersey Division incurred an additional variable cost of $320,000 and $200,000 of fixed costs. Both divisions operated below capacity.a. Prepare division income statements assuming the transfer price is at the external market price of $0.40 per gallon.b. Repeat part a. assuming a negotiated transfer price of $0.30 per gallon is used.c. Respond to the statement: The choice of a particular transfer price is immaterial to the company as a whole.
Prepare the required journal entries that MMM Store must make to record these transactions.
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
dugan sales had the following transactions for jackets in 2013 its first year of operationsjan 20nbspnbspnbsp purchased
consider the following data fixed costs 10000000. variable cost per inpatient day 400. what revenue per inpatient day
Variable costs as a percentage of sales for Leamon Inc. are 66%, current sales are $612,750. and fixed costs are $189,751. How much will operating income change if sales increase by $49,790?
the matching principle requires1. that expenses be ignored if their effect on the financial statements are less
Which of the following statements is not accurate?
A project will require an initial investment of $750,000 and will return $200,000 each year for five years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the com..
Elliott Corp failed to record accrued salaries for 2009, $2,000; 2010, $2,100; and 2011, $3,900 what is the amount of the overstatement or understatement of Retained Earnings at December 31, 2012?
What is Farr Company's accounts receivable balance at December 31, 2010?
on january 12011 jws corporation issued 770000 of 7 bonds due in 10 years. the bonds were issued for 717679 and
Phildell Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,288. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%.
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