Sales price per unit $550 per unit Units sold 350 Merchandise
inventory, beginning balance $32,000 Merchandise...
Sales price per unit $550 per unit Units sold 350 Merchandise
inventory, beginning balance $32,000 Merchandise inventory, ending
balance $47,000 Purchases of merchandise inventory $94,000 Rent
expense on corporate office $17,000 Marketing expense $32,000 Sales
commission expense $90 per unit The net operating income for June
was:
The partnership of Matteson, Richton, and O’Toole has existed
for a number of years. At the...
The partnership of Matteson, Richton, and O’Toole has existed
for a number of years. At the present time the partners have the
following capital balances and profit and loss sharing
percentages:
Partner
Capital Balance
Profit and Loss Percentage
Matteson
$
78,750
35
%
Richton
131,250
45
O’Toole
110,000
20
O’Toole elects to withdraw from the partnership, leaving Matteson
and Richton to operate the business. Following the original
partnership agreement, when a partner withdraws, the partnership
and all of its individual...
Simon and
Peter own a business, Lumi-Flame Ltd
(LF Ltd), selling glow-in-the-dark candles. They each own...
Simon and
Peter own a business, Lumi-Flame Ltd
(LF Ltd), selling glow-in-the-dark candles. They each own 50%
shares in the company. They borrow £750 from Gerry and agree to pay
him back in a month. The month goes by and Gerry still has not been
paid.
Simon is
concerned about this and wants to liquidate the company but Peter
refuses. Gerry doesn’t
have anything against LF Ltd but does want his money
back.
Advise the
parties on the status of...
when Marcus sent his daughter to college he purchased
a house near campus for $95,000. Empty...
when Marcus sent his daughter to college he purchased
a house near campus for $95,000. Empty lots in the area sold for
approximately $10,000 and the time. After she graduated Marcus
decided to keep the house for use as a rental. The fair market
value at the time of the conversion was $160,000 and the price of
the land had risen to $20,000. The basis for depreciation of the
house is
On January 1, 2015, Dr. Kurt
Rutherford started a new professional
corporation, Kurt Rutherford, P.C., to...
On January 1, 2015, Dr. Kurt
Rutherford started a new professional
corporation, Kurt Rutherford, P.C., to
practice medicine with an initial
investment of $100,000. On December
31, 2015 the accounting records
contained the following amounts:
Accounts Payable
$2,000
Accounts Receivable
6,200
Cash
48,100
Capital Stock, $10 par
100,000
Office Equipment
65,000
Accumulated
Depreciation
5,000
Inventory
3,500
Retained Earnings
5,800
Notes Payable (Short-Term)
10,000
Prepare an unclassified balance sheet at
December 31, 2015. A heading is required.
___________
7.5) If X1 and X2 are independent random
variables having exponential densities with the parameters
θ1...
7.5) If X1 and X2 are independent random
variables having exponential densities with the parameters
θ1 and θ2, use the distribution function
technique to find the probability density of
Y=X1+X2 when
a) θ1 ≠ θ2
b) θ1 = θ2
7.7) With reference to the two random variables of Exercise 7.5,
show that if θ1 = θ2 = 1, the random variable
Z1=X1/(X1 + X2) has the
uniform density with α=0 and β=1.
(I ONLY NEED TO ANSWER 7.7)
During March 2019, Annapolis Corporation recorded
$40,400 of costs related to factory overhead. Alpha's
overhead application rate...
During March 2019, Annapolis Corporation recorded
$40,400 of costs related to factory overhead. Alpha's
overhead application rate is based on direct labor hours. The
preset formula for overhead application estimated that $40,700
would be incurred, and 6,000 direct labor hours would be
worked. During March, 5,250 hours were actually worked.
Use this information to determine the amount of factory overhead
that was (over) or under applied. (Round answers to the nearest
whole dollar. Enter as a positive number if under
applied. Enter...
The marketing department is making statements that the company’s
product will last ½ million cycles and...
The marketing department is making statements that the company’s
product will last ½ million cycles and is guaranteed to last. You
(engineer) shake your head and walk away, muttering words not to be
repeated. Now you must save the company once again. The product is
made from 2014-T6 aluminum alloy and the area that is under cyclic
motion (compression/tension) has a round diameter of 9-cm. The
marketing VP says if it fails its your fault, so you need to
determine...
Presented below are two independent situations: (a) On January
1, 2017, Bridgeport Inc. purchased land that...
Presented below are two independent situations: (a) On January
1, 2017, Bridgeport Inc. purchased land that had an assessed value
of $383,000 at the time of purchase. A $508,000,
zero-interest-bearing note due January 1, 2020, was given in
exchange. There was no established exchange price for the land, nor
a ready fair value for the note. The interest rate charged on a
note of this type is 12%. Determine at what amount the land should
be recorded at January 1,...