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To meet projected annual sales, Greenleaf Manufacturers, Inc. needs to produce 75,000 machines for 2012. The estimated January 1, 2012, inventory is 7,000 units, and the desired December 31, 2012, inventory is 12,000 units.
What are projected sales units for 2012?
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Prepare a summary journal to record raw material used
Use the book value method to record the conversion of $9 million of bonds into common stock with a $10 par value if conversion occurred when the market price of the common was $24 per share, and total convertible debt outstanding amounted to $36 m..
On October 1, 2010, Mann Company places a new asset into service. The cost of the asset is $40,000 with an estimated 5-year life and $10,000 salvage value at the end of its useful life. What is the depreciation expense for 2010 if Mann Company use..
Partners Gina Carolton and B. Mosley are provided salary allowances of $30,000 and $25,000, respectively. They divide the remainder of the partnership income in a ratio of 60: 40. If partnership net income is $50,000, how much is allocated to Caro..
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
Prepare a letter to the potential client explaining the Why you can or cannot honor his request and the reasoning for your decision.
The use of accounting databases enables researchers to obtain data to help answer their questions more efficiently. Using the FASB Codification database and other sources such as the SEC Web site as guides, answer the following questions:
Why is it important to properly value a business's assets and how does asset valuation impact the financial statements of an organization?
The maturity date of the note is September 30. What entry does Gilliam make at the maturity date, assuming Perlman pays the note and interest in full at that time?
Daniel figures that he has loss of $60,000 on each stock. If Daniel's marginal tax rate is 35 percent and he has $120,000 of other capital gains (taxed at 15 percent), what is tax savings from the special tax treatment?
Design an audit program for the cycle in no more than 1,050 words. Consider using a checklist or flowchart to outline your process.
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