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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?
Prepare the year-end balance sheet for 2015. Be sure to use proper headings. Prepare budgets such that the pro-forma financial statements for the first quarter of 2016 may be prepared.
Freight charges and insurance while in transit totaled $900 and sales tax was $500. Insurance, taxes, and maintenance costs for the first year of use were $3,000.
Dacosta Company had only one job in process on May 1. The job had been charged with $1,800 of direct materials, $6,966 of direct labor, and $9,936 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overh..
According to the IPPF, an internal auditor assigned to an audit engagement:
Explain Assets Liabilities Vault Cash $20,000 Checking deposits $200,000 Deposits at Fed $30,000 Net Worth $15,000 Securities $45,000 Loans $120,000
The lease is considered to be an operating lease. Prepare the general journal entry to record the first lease payment on December 31, 2009.
Prepare the journal entry recorded by company X, including the account names and amounts, for each transaction. (Note, even if you don't have the numbers
The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget indicates that 6,000 direct labor-hours will be required in that month. The variable overhead rate is $2.00 per direc..
Below are extracts from the financial statements of a listed company which operates a chain of bakery and sandwich retail outlets in the United Kingdom.
International Financial Reporting Standards are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries - outline the justifications and controversy of IF..
Discuss the differences between vertical and horizontal analysis. Which would you prefer? Why or why not?
Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above
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