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McGraw Company's 2005 flexible budget for manufacturing overhead indicates that fixed overhead should be $60,000 at the denominator level of 4,000 machine hours. In 2005, the actual fixed overhead cost incurred was $66,000. McGraw uses a standard costing system with 1 machine hour allowed per unit of good output. In 2005 the company produced 3,800 units using 3,900 machine hours.
What is the fixed overhead volume variance for 2005 ?
Prepare income distribution schedules for 20X1 and 20X2 for Peninsula and Sandbar as they would be prepared to distribute income to the noncontrolling and controlling interests in support of consolidated worksheets.
The total profit would be $50,000(40%*$125,000). However, $50,000 of the goods were still in Aster's inventory. $20,000 should be hold back as unrealized profit that should be deducted from Peony's net income.
A company's income statement shows salaries expense of $22,000 for the current year. The balance in salaries payable increased $3,000 during the year. How much cash was paid for salaries during the year?
Company Z sells annual subscription to their online magazine. Clients must pay a year subscriptions in advance. Company Z has a policy to prepare reversing entries when possible. It is also their policy to journalize all entries to income statements/..
Complete the case below and submit to instructor. Calculate the estimated effect of this misstatement on net income before taxes for 20X4.
Describe the concept of 'Float,' and how it is measured by financial ratios. How would a major strategic initiative designed to increase market share from 40% to 75% be reflected in the financial statements.
Prepare the journal entries to record the issuance of the bonds, the accrual of the interest on December 31, 2014, and the first semiannual interest payment on April 1, 2015.
Ogre Ltd acquires all the shares of Elf Ltd on 1 July 2011. The financial statements for Ogre and Elf at 30 June 2012 are provided below.
Doug’s Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,440. Each project will last for 3 years and produce the following net annual cash flows. Compute the net present value of each project..
In January 2011, Rogers Co. purchased a machine that cost $85,000. The equipment is estimated to have a 5-year life and a salvage value of $15,000. Compute the amount of depreciation expense for 2011 and 2012 using the double declining balance method..
Cinnamon Buns Co. (CBC) started 2016 with $52,800 of merchandise on hand. During 2016, $293,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC uses ..
Hancock Corporation is Publishing Company. The Hancock Family formed this corporation in colonial times more than 200 years ago. The stock (400 shares of $1 par common stock) has remained in the hands of the Hancock Family for all of that time. The p..
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