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Thomas, Inc. estimates it will produce 1,200 homework machines during the next year with costs as follows:
Direct materials $200 per unitDirect labor $160 per unitFixed overhead (40% avoidable) $300 per unit
An outside supplier has offered to produce the machines for Thomas for $700 a unit. What is the incremental effect on profit for this make or buy decision?
A. Increase in profit of $24,000.
B. Decrease in profit of $24,000.
C. Increase in profit of $240,000.
D. Decrease in profit of $120,000.
The cost of which of the following expenses is NOT deductible as a medical expense on Schedule A, before the 7.5% of adjusted gross income limitation?
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
Assume you're bearish on Stock Y and decide to sell short 100 shares at the current market price of $30 per share. You earn no interest on the funds in your margin account and the cost of borrowing shares is 0.25%.
What makes a contribution income statement unique? Using the company (National Linen) discuss how a contribution income statement could be used to improve planning in that particular company.
evaluate the logic of reflecting key person life insurance in the operating activities of the cash flow statement and determine if this presentation is misleading to users of the financial statements.
Given the income statement above, what are their tax bases in their shares at the end of year 1?
What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?
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