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Florida Keys Construction installs swimming pools. They calculate that warranty obligations are 3% of gross sales. For the year just ending Florida Keys' gross sales were $1,450,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $28,700.
Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.
During 2010, Gorilla Corporation has net short-term capital gains of $120,000. Net long-term capital losses of $365,000, and taxable income from other sources of $900,000. Prior year's transaction included the following:
The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..
Angela Moss and Autumn Barber organize a partnership on January 1. Moss's intial net investment is 75,000 consisting of cash 17,500, equipment 82,500 and note payable reflecting a bank loan for a new business 25,000. Barber's initial investment is..
Discuss the nonfinancial information that may be used to evaluate the performance of a college or university and suggest what information provides the most insight to financial performance.
Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry..
Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?
At an activity level of 7,900 machine-hours in a month, Manchester Corporation's total variable maintenance cost is $430,550 and its total fixed maintenance cost is $417,120.
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
O. Guillen (beginning capital, $69,000) and K.Williams (beginning capital ($82,000) are partners. During 2008, the partnership earned net income of $71,400, and Guillen made drawings of $18,700 while Williams made drawings of $32,200.
In its first month of operation, Moraine Company purchased 100 units of inventory for $18, then 200 units for $21, and finally 150 units for $24. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result i..
Evaluate the accounting ethics of creating, initiating, or adjusting transactions to repatriate excess cash for multinational firms in transfer pricing decisions and suggest a way that this practice may be implemented.
Activity-based cost management (ABM) can best be defined as:
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