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High Sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at $1.50 per pound. During March, 10,000 pounds of raw materials costing $1.55 per pound were used in making 4,800 wind chimes. What is the (1) materials price and (2) quantity variance?
What is the impact of accounting errors on the balance sheet and income statement? How are errors handled?
Identify some additional control procedures that the company might implement to reduce the monthly loss from theft of office supplies by employees.
Smith, Inc. anticipates sales of 50,000 units, 48,000 units and 51,000 units in July, August and Septemeber, respectively. Company policy is to maintain an ending finished-goods inventory to 40% of the following months sales.
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
The actual manufacturing overhead cost incurred was $54,000. The manufacturing overhead cost applied to Work in Process was $58,000. The cost of goods manufactured for September was?
Carolina Products sells a unique item with the following information available.
How do you determine the tax character of a recognized gain or loss? Would you rather have a realized gain or loss or a recognized gain or loss?
On January 1, 2013, Winn Heat Transfer leased office space under the 3 year operating lease agreement. The arrangement specified 3 annual rent payments of $80,000 each, starting January 1, 2013, the inception of lease
Denise's estate received the interest and dividends on the payment dates. What should be included in Denise's gross estate?
What are the differences and similarities between walmart and kamart balance sheets? What classifications are presented?
Prepare an income statement through gross profit for the year ended December 31, 2004.
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