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Problem 1: Fitness First collects the $540 in advance and will provide the training later. Fitness First gains a client who prepays $540 for a package of six physical training. After four training sessions, what should Fitness First report on its income statement?
A. Service revenue of $360
B. Service revenue of $540
C. Unearned service revenue of $360
D. Cash of $180
Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2014. She uses the standard deduction. Calculate the amount, if any, of Joyce’s earned income credit.
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March—Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the Mar..
Estimate the beta for this private business. It has an average correlation with the market of 0.5 (i.e. 50% of the risk in the private business comes)
The Maxwell Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:
Nanna Plastics Corp Inc. began this month with a budget for 100,000 hours of production in the Weaving Department. The department has a full capacity of 150,000 hours under normal conditions. Determine the variable factory overhead controllable varia..
Illustrate what are some of the more significant non-tax consequences of choosing the partnership form? Brief answer. 3-6 sentences minimum.
What is the par value of the preferred stock? If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
If you were a business owner or manager, illustrate what would you do to collect on a customer unpaid bill? At what point would you deem the account bad debt and write it off?
Spring Street Engine Shop, Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
Create the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required.
Haab Inc. is a merchandising company. Last month the company's cost of goods sold was $66,000. The company's beginning merchandise inventory was $15,700 and its ending merchandise inventory was $22,500. What was the total amount of the company's merc..
Explain how the net working capital and operating working capital can support management decisions will s and strategic goals
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