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True / false
1. Form 10Q is a quarterly report electronically filled with the SEC.
2. Financial statements in the quarterly reports are usually audited to ensure that GAP were followed.
3. The sale returns and allowance account balance should be reported as a deduction from the sales account balance because it is an expense account.
4. If a merchandiser offers a sales discount of 2/10, net/30 on sale of 1000, the amount due in 30 days is the net amount of $980
5. If inventory is sold with terms of FOB destination, goods in transit belong to the seller
Bard Manufacturing uses a job order cost accounting system
George Jackson operates a small machine shop. He manufactures one standard product which is available from many other similar businesses and also manufactures custom-made products. His accountant prepared the annual income statement shown below.
The standard direct labor wage are is $8.00 and the standard quantity of hours allowed for the actual level of output was 5,000 direct labor hours. Illustrate what is the direct labor efficiency variance?
Investigate the profitability that would result if instead of baking 30 batches each morning, they bake 25, 30, 35, or 40 batches. Which would you recommend and why?
In May of 2011 Daemon Financial Services became involved in a penalty dispute with the EPA. At December 31, 2013, the environmental attorney for Daemon indicated that an unfavorable outcome to the dispute was probable.
Should college professors limit their evaluation of students to these “financial” measures? Do you see any potential benefits or disadvantages of including other measures of student performance in assigning course grades?
Calculate the total after-tax cost of the present values of the cash flows associated with each alternative and which financial alternative would you recommend that the company accept? Why?
Consider study problem 2-48, the racetrack problem, and its current plan - contribution margin of $2.70 per customer and total fixed costs of $1,080,000. Management is considering a new plan for next year that would increase both the admission price ..
Did Mr. Rosen improve his performance for the second quarter? Indicate the information you used for your assessment - Can you make any suggestions for reporting in the future
Explain how variable costing differs from absorption costing and compute unit product costs under each method, and Identify relevant and irrelevant costs and benefits in a decision situation.
LO.4, 6 In each of the following cases, distinguish between the terms. Offer in compromise and closing agreement. Failure to file and failure to pay.
The controller, Dona Ortiz, is preparing a report estimating any expected cost savings and changes to the accounting system resilting from a move to JIT. What are some of costs that should be affected by the introduction of a JIT system?
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