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Revenues for the year totaled $88,500 and expenses totaled $40,500. Stockholders invested $15,000 in the company in exchange for stock during the year. What is the amount of net income or loss for the year?
Sandy and Louis Roman filed a joint income tax return for 2010. For each of the items or events listed below, indicate which are includible in gross income by checking the boxes next to those that are includible.
objective of financial reporting by business enterprises and Short term investment would be classified as an assets and would appear on the income statement
ABC INC purchased new machinery in order to improve its production process - Give the value of the new machinery, and list the financial statement in which it will be shown at fiscal year
Determine equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory. Show all of your work.
some will argue that KMPG inappropriately subordinated its judgements to Xerox preferences. How could accounting firms ensure that auditors do not subordinate their judgements to client prefernces on other audit engagements?
Determine the direct materials price and efficiency variances for Shirt Company. Evaluate the direct labor price and efficiency variances for Shirt Company.
Horizon Telecom sold $300,000 wor th of 120-day commercial paper for $298,000. What is dollar amount of interest paid on the commercial paper? What is the effective 120-day rate on the paper?
Intra-entity sales had the same markup as sales to outsiders. Skillet still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011?
Determine the maximum utilization of days per 1,000 members that the nursing home can experience before it begins to lose money
Write a paragraph that explains the difference between a stock dividend and a stock split - Explanation about the main differences between a stock dividend and a stock split.
Computation of production cost with given data and sea Company reports the following information regarding its production cost.
The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 35,000 units of its product remain in inventory. Calculate the number and total cost of the units available for sale in year 2011
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