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Amar Farms produced 300,000 pounds of cotton during the 2010 season. Amar sells all of its cotton to Brye Co., which has agreed to purchase Amar's entire production at the prevailing market price. Recent legislation assures that the market price will not fall below $.70 per pound during the next two years. Amar's costs of selling and distributing the cottonare immaterial and can be reasonably estimated.
Amar reports its inventory at expected exit value. During 2010, Amar sold and delivered to Brye 200,000 pounds at the market price of $.70.
Amar sold the remaining 100,000 pounds during 2011 at the market price of $.72. What amount of revenue should Amar recognize in 2010?
Jonas won a lottery that will pay him $200,000 at the end of each of the next twenty years. Zebra Finance has offered to purchase the payment stream for $2,718,000. What interest rate (to the nearest percent) was used to determine the amount of t..
Evaluate the Chmelar Manufacturing cost. Chmelar Manufacturing Company developed the following data:
Break-even-analysis - What effect would the purchase of the new machine have on Acme's break-even point in units
A machine with a cost of $144,000 and accumulated depreciation of $99,000 is sold for $57,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:
Smithy Company produces hockey helmets. The standard cost for each helmet is as follows: Direct material 5.0 lbs at $4.00/lb. $20.00 Direct labor 2.0 hrs @ $16.00/hr. $32.00 Overhead $10.00. During November, 2,000 helmets were produced. 10,600 lbs. o..
Crystal Arts, Inc., had earnings of $160,000 for 2010. The company had 20,000 shares of common stock outstanding during the year. In addition, the company issued 2,000 shares of $100 par value preferred stock on January 3, 2010.
Cleveland Co. did not have to also give him the car, and did it just out of admiration for Barnie doing such a great job. Is this income to Barnie as compensation, or a nontaxable gift?
One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Have the corporation borrow the $100,000 from a local bank. Cecile is r..
Prepare a statement of cash flows (indirect method) for Beckwith Products for 2009. List the major reasons for the difference between net income and net cash flow from operating activities.
Prepare a variable costing income statement for 2012 - calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)
Prepare a debt amortization schedule for a bond issued at discount. Assume that the bond matures in 12 years with market interest rate at time of issue-10% annually and 5% semiannually. The stated interest rate is 8%. The interest is paid semiannuall..
the objective of the course project is to analyze the financial statements of a publicly traded company.obtain an
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