Get college assignment help at uniessay writers “The income statement for Baxter Company for 2008 appears below. BAXTER COMPANY Income Statement For the year Ended December 31,2008 —————————————————– Sales (40,000 units)………………..$1,000,000 Variable Expenses……………………..700,000 ________ Contribuation Margin…………………..300,000 Fixed Expenses………………………..330,000 _________ Net income (loss)……………………$(30,000) ________ ________ Instructions Answer the following independent questions and show computations using the contribution margin technique to support your answers: 1. What was the company’s break-even point in sales dollars in 2008? 2. How many additional units would the company have had to sell in 2009 in order to earn net income of $30,000? 3. If the company is able to reduce variable costs by $2.50 per unit in 2009 and other costs and unit revenues remain unchanged how many units will the company have to sell in order to earn a net income of $35,000?
What is a budget slack? What are the pros and cons of building slack into the budget from the point of view of (a) an employee and (b) a senior manager?
Elman corporation issued for cash 75,000 shares of no-par common stock with a stated value of $125 at $140. on september 9 elman issued 15000 shares of 1% $60 preferred stock at par for cash. on november 23, elman issued for cash 8000 shares of 1% $60 par preferred stock at 70 Journalize the entries
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2010, it assigned, under guarantee, specific accounts amounting to $150,000. the finance company advanced to Salen 80% of the accounts assigned (20% of the total to be withheld until the finance company has made its full recovery), less a finance charge of 1/2% of the total accounts assigned. On July 31 Salen Company received a statement that the finance company had collected $80,000 of these accounts and had made an additional charge of 1/2% of the total accounts outstanding as of July 31. This charge is to be deducted at the time of the first remittance due Salen Company from the finance company. (Hint: make entries at this time.) On August 31, 2010, Salen Company received a second statement from the finance company, together with a check for the amount due. The statement indicated that the finance company had collected an additional $50,000 and had made a further charge of 1/2% of the balance outstanding as of August 31. Make all the journal entries on the books of Salen Company that are involved in the transactions above.
on p. 71, Wiecek and Young’s IFRS Primer, is an example of the application of the IFRS requirement that inventories be reported at the lower of cost or net realizable value.
On August 3, Srini Construction purchased special-purpose equipment at a cost of $1,000,000. The useful life of the equipment was estimated to be 8 years, with a residual value of $50,000. Compute the depreciation expense to be recogized each calender year for financial reporting purpose under the straight line depreciation method ( half- year convention).
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Mount Vernon Furniture manufactures expensive tables. Its varnishing department is fully automated and requires substantial inspection to keep the machines operating properly. An improperly varnished table is very expensive to correct. Inspection hours for the 10,000 tables varnished in September totaled 2,500 hours by 16 employees. Eight quarts of varnish were used, on average, for each table. The standard amount of varnish per table is nine quarts. The cost of inspection for September was equal to the budgeted amount of $76,000.
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Rivers Associates, antique dealers, purchased the contents of an estate for $75,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Rivers Associates’ warehouse was $1,800. Rivers Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $1,750. Determine the cost of the inventory acquired from the estate.
Get college assignment help at uniessay writers A company has current assets of $23,000 and current liabilities of $16,500. The current ratio is (rounded to 2 decimal places):
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
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On july 1, 2009, Allen Company signed a $100,000, one year, 6 percent note payable. At due date, June 30, 2010, the principal and interest ($106,000) will be paid. Interest expense should be reported on the income statemtn for the year ended December 31, 2010
Please see attachment. E13-16
Please see attachment. E13-18
Please see attachment. P-13-12
prescribed accounting treatment for stock dividends
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the taxpayer is a ph.d. student at state university. the student is paid $1000 per month for teaching two classes. the total amount received for the year is $9000. a) $9000 is excludible if the money is used to pay for tuition and books b) $9000 is taxable compensation c) $9000 is considered a scholarship and, therefore, is excluded d) $9000 is excluded becuase the total amount received for the year is less than her standard deduction and personal exemption e) none of the above
the exclusion for health insurance premiums paid by the employer applies to: A only current employees. B only current employees and their spouses and children. C only current and retired former employees. D present employees, retired former employees, and their spouses and children. E none of above.
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