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1. If you deposit $10,000 in a bank account that pays 10% interest annually, how much will be in your account after 5 years? What is the present value of a security that will pay $5,000 in 20 years if securities of equal risk pay 7% annually? What is the future value of a 7%, 5-year ordinary annuity that pays $300 each year? If this were an annuity due, what would its future value be?
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Yount Company reports the following for the month of June Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.
Which is the following that is not true about closing entries?
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the employer's..
The allowance for rejects is 0.11 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be:
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial. Prepare the necessary journal entry to close the overhead account if the balance is considered material.
Carl, an employee of a Miami CPA firm, was sent to work in Tampa for eight months on March 1, year 1, on a financial audit. His monthly transportation expenses were $400, his monthly lodging was $1,200, and his meals were $800 per month.
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
A company wants to buy $30 million in materials and services from suppliers in China, Japan, and South Korea. Discuss how the company would negotiate using the win-win model. What sort of strategies would it use?
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
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