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The Boxwood Company sells blankets for $ 37.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Product Z Units Cost May 01 Purchase 7 $15.00 May 10 Sale 5 May 17 Purchase 10 $16.00 May 20 Sale 8 May 23 Sale 3 May 30 Purchase 12 $24.00 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.
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On December 1, 2019, Carrie's Day Care receives $ 2 comma 700 in advance for an agreement to care for Susan's children for the months of December, January, and February. Carrie's Day Care will make an adjusting entry on December 31, 2019 to:
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fter a company chooses the modules they want to implement, they must decide on ____ options, which allow the customer to customize the modules to fit their business to some extent. Group of answer choices
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Assume that the tax rate on corporate taxable income up to $50,000 is 15%, and 25% for income levels between $50,001 and $75,000. If the Clumsy Chihuahua Music Company has a taxable income of $55,000, then it has a tax liability of and an average tax rate of . Suppose you want to invest $10,000. You have two options:
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What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,350 before adjustment, and the unexpired amount per analysis of policies is $3,550?
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The Board of Governors of the Federal Reserve a. members are appointed to four-year terms by the President and confirmed by the Senate. b. is made up of seven members. c. is a group of advisers reporting to the President. d. is located in New York City.
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Presented below is the adjusted trial balance of Splish Brothers, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 1,330 Accounts Receivable 3,580 Prepaid Insurance 2,620 Equipment 80,160 Accumulated DepreciationEquipment $20,100 Trademarks 3,760 Accounts Payable 3,220 Salaries and Wages Payable 920 Unearned Service Revenue 1,060 Bonds Payable (due 2024) 31,880 Common Stock 2,120 Additional paid-in capital 15,160 Retained Earnings 14,720 Service Revenue 30,040 Salaries and Wages Expense 14,080 Insurance Expense 2,400 Rent Expense 3,260 Interest Expense 2,320 Total $ ? $ ?
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Blossom Corporation purchased a patent for $385500 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, Blossom spent $95100 to successfully defend the patent in a lawsuit. Blossom feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2021
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. Assuming the workers can shift to the production of the new TMP-20 thermostat while maintaining the same average efficiency, regardless of which assembly station they are at, what worker would you assign to each station to achieve the highest possible hourly output rate
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When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, the price elasticity of demand for good A is
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QUESTION 12 For a strategic alliance, firms should seek partners that are: a. known for being opportunistic. b. radically different when it comes to strategic goals. c. willing to share costs and risks of new-product development. d. different in terms of vision and agendas. e. similar when it comes to capabilities.
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The auditors are concerned that these practices are inadequate and that more secure alternatives should be explored. Management has expressed counter concerns about the high cost of purchasing new equipment and relocating its data center. Required: What risks currently exist that are of concern to the auditors
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Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The following information applies to the questions displayed below. The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 4,000 Accounts Receivable 9,000 Supplies 3,000 Equipment 26,000 Accumulated Depreciation$ 6,000 Accounts Payable 4,000 Utilities Payable 5,000 Deferred Revenue 0 Common Stock 18,000 Retained Earnings 9,000 Totals $ 42,000 $ 42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,000. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000.Prepare the income statement for the year ended December 31 2021.Prepare an adjusting trial balance.
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Randall describes his job this way."I visit different office buildings and service heating and cooling units that are not working properly."Which of the Construction industry careers is Randall most likely part of?O LandscapingO ConstructionO Maintenance/OperationsO Design/Pre-ConstructionHelp now please
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( Please Help thank you.) Franchisors in foreign countries must be aware of A: Ease of communication B: Shared currency Values C. Political Risk D: shared values and customs
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Who or what is responsible for buying the vast majority of the goods and services that are produced in the United States?1. Businesses2. Individual Consumers3. The Federal Government4. Local governments
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Western University has only one womens softball scholarship remaining for the coming year. The final two players that Western is considering are Allison Fealey and Emily Janson. The coaching staff has concluded that the speed and defensive skills are virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each players batting performance in their junior and senior years of high school are as follows: Allison FealeyOutcome Senior JuniorHit 15 75No Hit 25 175Total At-Bats 40 250 Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120 Western University has only one womens softball scholarship remaining for A players batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:Western University has only one womens softball scholarship remaining forCalculate each players batting average for the combined two years. Using this analysis, which player should be awarded the scholarship? Explain.c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparentinconsistencies
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Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2011. Copper Company is a publicly held company that has declared a $1.00 per share dividend on September 30 every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $1.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10. The daughter received the $1,000 dividend on October 18, 2011. How does this information impact who must recognize the dividend as income?a. Darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.b. Darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.c. Darryl must recognize the income of $1,000 because he constructively received the $1,000.d. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.e. None of the above
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Advise the team leader on the activities that should take place during the performing stage
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Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $45,000 has today. (The real value of his retirement income will decline annually after he retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 5.5%. He currently has $100,000 saved, and he expects to earn 9% annually on his savings. How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal?
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The primary purpose of TV, magazines, movies is to entertain.TrueFalse
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Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Pana has provided the following analysis of price and cost for the contracts: Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B. Required: 1. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model? 2. What amount of revenue should Panarin associate with each of the contracts? 3. When should revenue be recognized on each of the contracts?
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common to this work. Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are some common work contexts for Accountants? Check all that apply. pace determined by speed of equipment importance of repeating same tasks indoors, environmentally controlled deal with physically aggressive people telephone and electronic mail importance of being exact or accurate
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Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description: Cherry kitchen cabinets Applied Manufacturing Overhead Hours Direct Materials Direct Labor Req No Ticket 128 Amount Hours Amount Rate Amount $375 235 385 18 414 130 588 391 25 395 140 133 9 243 401 215 52 Total 965 Total $1,244 Cost Summary Direct Material Cost 965 Direct Labor Cost 1,244 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $12 per direct labor hour. (a) How much overhead would be applied to Job Number 1478 Applied Manufacturing Overhead (b) What is the total cost of Job Number 1478?
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