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Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.
Syntech is offered credit terms of 2/10, net 40, but decides to forego taking the cash discount and pays on the 45th day. What is Syntech's cost of foregoing the cash discount?
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect may it have on assets, liabilities and owner's equity?
If Michelle purchased 100 shares of Home Depot common stock at the beginning of January for $25. She received a $1.25 dividend payment from the company at the end of December. At that time, the stock was selling for $27.50 per share. What is the d..
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Under Carl's will, Carl created a testamentary trust to be funded with $700,000 worth of assets. All of the income of the trust is payable to Carl's child, Jane, for her life, and thereafter, the remaining assets of the trust will pass to The Publ..
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number.
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes.
Determine the order quantity at which the total inventory costs would be minimized? What is the reorder point and the time between orders? Illustrate the order quantity, re-order point, safety stock and lead time on a diagram where the Y-axis repres..
Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.
The concept of operating leverage Signifies to which of the following?
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