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For the month of April, Thorp Co.'s records disclosed the following data relating to direct labor:
Actual cost $10,000
Rate variance $ 1,000 favorable
Efficiency variance $ 1,500 unfavorable
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
a. $5.50.
b. $5.00.
c. $4.75.
d. $4.50.
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
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Prepare the accounting records for Tanya's Tutoring Service (Version A), Set up the Chart of Accounts, Prepare the bank reconciliation for January 31, 2013
Suppose a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
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With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?
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