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Wyatt Co. has budgeted the following unit sales:
2011 Units
Jan 10,000
Feb 8,000
March 9,000
April 11,000
May 15,000
The finished goods units on hand on Dec. 31, 2010 was 2,000 units. Each unit requires 2 pounds of raw material that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 10% of next month's anticipated sales. They also have a policy of maintaining a raw material inventory at the end of each month equal to 20% of the pounds needed for the following month's production. There were 3,920 pounds of raw material on hand at Dec. 31, 2010
For the first quarter of 2010, prepare (1) a production budget and (2) a direct materials budget.
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Tricia DeBarre, Capital in the process of closing the Income Summary account?
The articles of partnership for A-B partnership provide for a salary allowance of $5,000 per month for partner B, with the balance of net income to be divided equally.
Why is a dollar today worth more than a dollar in the future.
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For 2010, stoneland corporation reported net income, 24,000; net sales 400,000; and average shares outstanding, 6,000. there werte no preferred stock dividends. What was the 2010 earnings per share?
He does not elect to expense any of the asset under S 179 or elect straight line cost recovery. He elects not to take additional first year depreciation. He sells the asset on August 25, 2010 . This is the only asset he acquires in 2009. Determine..
You are there foreconsidering recording the transactions directly into the general ledger accounts. Is this ethical and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.
Prepare the journal entries to record the above stock transactions.
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