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Assume that Carmen's Cookies is preparing a budget for the month ending...
Assume that Carmen's Cookies is preparing a budget for the month ending September 30. Management prepares the budget by starting with the actual results for April that are shown below. Then, management...
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Tom’s Tax Services is a small accounting firm that offers tax services to...
Tom’s Tax Services is a small accounting firm that offers tax services to small businesses and individuals. A local store owner has approached Tom about doing his taxes but is concerned about the fees...
View ArticleThe Closed Fund is a closed-end investment company with a portfolio currently...
The Closed Fund is a closed-end investment company with a portfolio currently worth $215 million. It has liabilities of $6 million and 4 million shares outstanding.a.What is the NAV of the fund? (Round...
View ArticleThe following stockholders’ equity accounts, arranged alphabetically, are in...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012.Common Stock ($6 stated value)$2,068,200Paid-in Capital in Excess...
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On October 31, the stockholders’ equity section of Ennis Company consists of...
On October 31, the stockholders’ equity section of Ennis Company consists of common stock $269,000 and retained earnings $879,800. Ennis is considering the following two courses of action: (1)...
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Jayleah Company reported retained earnings at December 31, 2011, of $313,580....
Jayleah Company reported retained earnings at December 31, 2011, of $313,580. Jayleah had 208,200 shares of common stock outstanding throughout 2012. The following transactions occurred during...
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The post-closing trial balance of Violet Corporation at December 31, 2012,...
The post-closing trial balance of Violet Corporation at December 31, 2012, contains the following stockholders’ equity accounts.Preferred Stock (15,100 shares issued)$ 755,000Common Stock (259,600...
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Presented below are two independent situations. 1. Sunny Isles Car Rental...
Presented below are two independent situations.1.Sunny Isles Car Rental leased a car to Emmaus Company for one year. Terms of the operating lease agreement call for monthly payments of $500.2.On...
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On July 1, 2012, Charisse Corporation issued $1,662,400 face value, 12%,...
On July 1, 2012, Charisse Corporation issued $1,662,400 face value, 12%, 10-year bonds at $1,869,573. This price resulted in an effective-interest rate of 10% on the bonds. Charisse uses the...
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In January 2012, the management of Stefan Company concludes that it has...
AP16-2AIn January 2012, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following...
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Floyd Corporation had the following transactions pertaining to debt investments.
Floyd Corporation had the following transactions pertaining to debt investments.Jan. 1Purchased 70 Petal Co. 8%, $1,900 bonds for $133,000 cash plus brokerage fees of $860. Interest is payable...
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On February 1, Minitori Company purchased 200 shares (2% ownership) of Becker...
On February 1, Minitori Company purchased 200 shares (2% ownership) of Becker Company common stock for $30 per share plus brokerage fees of $420. On March 20, Minitori Company sold 40 shares of Becker...
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Presented below are two independent situations. 1. Chicory Cosmetics acquired...
Presented below are two independent situations.1.Chicory Cosmetics acquired 15% of the 297,300 shares of common stock of Racine Fashion at a total cost of $14 per share on March 18, 2012. On June 30,...
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Zippydah Company has the following data at December 31, 2012. Securities Cost...
Zippydah Company has the following data at December 31, 2012.SecuritiesCostFair ValueTrading$119,010$125,370Available-for-sale103,87091,090The available-for-sale securities are held as a long-term...
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Solitaire Company’s fixed budget performance report for June follows. The...
Solitaire Company’s fixed budget performance report for June follows. The $615,000 budgeted expenses include $578,100 variable expenses and $36,900 fixed expenses. Actual expenses include $48,900 fixed...
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Bay City Company’s fixed budget performance report for July follows. The...
Bay City Company’s fixed budget performance report for July follows. The $587,000 budgeted expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000...
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Isabel Lopez started Biz Consulting, a new business, and completed the...
Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a.I. Lopez invests $68,000 cash and office equipment valued at...
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On October 1, 2013, Adria Lopez launched a computer services company called...
On October 1, 2013, Adria Lopez launched a computer services company called Success Systems, which provides consulting services, computer system installations, and custom program development. Adria...
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Blanchard Company manufactures a single product that sells for $120 per unit...
Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $90 per unit. The company’s annual fixed costs are $432,000. (1)Prepare a contribution...
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Blanchard Company manufactures a single product that sells for $240 per unit...
Blanchard Company manufactures a single product that sells for $240 per unit and whose total variable costs are $180 per unit. The company targets an annual after-tax income of $900,000. The company is...
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