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The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:
Division A
Division B
Actual machine hours
22,500
?
Estimated machine hours
20,000
Overhead application rate
$4.50
$5.00
Actual overhead
$110,000
Estimated overhead
$90,000
Applied overhead
$86,000
Over- (under-) applied overhead
$6,500
If the new clerk in the accounting department insists on including the sales revenue account on the post-closing trial balance, would you agree? Why, or why not?
valley corporation purchased a new piece of equipment on june 1 2011. the cost of this machine was 325000. the company
You suspect that your immediate supervisor is involved in a significant fraud involving divertingof company assets to personal use. Briefly describe the steps you might take to resolve this dilemma.
Lupa Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $9,000), Lupa also paid cash of $3,000.
What is the value of the companies Fixed Asset. What is the working capital
Imagine that the company that you researched uses a third-party accounting system. Assess the level of responsibility of the software provider to both the business and its clients. Provide support for your rationale.
Identify which segments are significant enough to warrant disclosure in accordance with FASB No. 131, "Reporting Disaggregated Information about a Business Enterprise," by applying the following quantitative tests:
Dick’s Sporting Goods makes customized uniforms. The Great Northwest League has offered to buy 80 basketball jerseys for $16 per jersey-If Dick’s accepts the special order from The Great Northwest League, its operating profit will
Explain the benefits of a stock dividend both to the coprporation issuing the dividend and to the shareholder receiving the dividend.
At the end of the year, Marianne's share of partnership liabilities decreased by $30,000. Assuming loss limitation rules do not apply, Marianne's basis in the partnership interest at the end of the year is:
ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should b..
Charley Company's Assembly Department has materials cost at $3 per unit and conversion cost at $6 per unit. There are 9,000 units in ending work in process, all of which are 70% complete as to conversion costs. How much are total costs to be assig..
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