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The Oxford Company has budgeted sales revenues as follows. Jan Feb Mar Credit sales $240,000 $192,000 $144,000 Cash sales 144,000 408,000 312,000 Total sales 384,000 600,000 456,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the […]
Reaction Paper II-Economic Crisis Ah, my dear students–you thought this course was about all ancient stuff! Or maybe you took the class to satisfy a requirement. Well, hold onto your hats because you are studying material that is in the news on a daily basis! You will become an expert on the topic of the problems with […]
1. A repair that extends the useful life of an asset would be considered a/an A. extra ordinary repair. B. betterment. C. capital expense. D. ordinary repair. 2. A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the customer owe using a 360-day year? […]
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows: Assets: Dec 31st, 2013 Dec 2012 Cash $234,660 $219,720 Accounts receivables 85,440 78,360 Inventories 240,660 231,420 Investements 0 90,000 Land 123,000 0 Equipment 264,420 207,420 Accumulated Depreciation-Equipment (62,400) (55,500) 885,780 771,420 Liabilities and Stockholders’ Equity […]
Conduct research on organizations that rate companies on a specific facet of social responsibility. How do they assess the companies they rate? How do the vision and mission statements of the rating organization affect how they view social responsibility? How do the vision and mission statements influence the assessment tools used? Cite your sources. Provide […]
Trustme Vehical Rental Corporation has two departments, Car Rental and Truck Rental. Central costs may be allocated to the two departments in various ways. Car Rental Truck Rental Number of vehicles in fleet 700 300 Number of employees 150 50 Sales $1,500,000 $750,000 1. If administrative expense of […]
Unit 2 Assignment For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2013, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions […]
1. To pay the least income tax possible in periods of rising inventory costs, the company should use which inventory costing method? A. FIFO B. LIFO C. Average cost D. Specific identification 2. Which of the following is an incorrect statement if ending inventory is overstated? A. Net income is overstated. B. Gross profit is […]
The trial balance of Fugazy Investment Advisers at December 31, 2012, follows: FUGAZY INVESTMENT ADVISERS Trial Balance December 31, 2012 Account Debit Credit Cash 32,000 Accounts receivable 46,000 Supplies 3,000 Equipment 25,000 Accumulated depreciation 11,000 Accounts payable 15,000 Salary payable Unearned service revenue 2,000Note payable, long-term 39,000 Fugazy, capital 38,000Fugazy, drawing 50,000 Service revenue 97,000Salary […]
1.Suppose the initial conditions of the economy are characterized by the following equations. In this problem, we assume that prices are fixed at 1 (the price index is 100 and when we deflate, we use 1.00) so that nominal wealth equals real wealth.1) C = a0 + a1 (Y-T) + a2 (WSM) + a3 (WRE) […]
