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Assignment 1 The future…it is a theme that arose several times during the last forum when we discussed the past. All of you have had the benefit of hindsight, but the future is a bit trickier.   What does the future hold for technology?  In 10 years, how will we be communicating?  Will technology finally […]

E22-19 : OLEANS.COM Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Oleans.com: a. June 30 inventory balance, $17,750  b. July payments for inventory, $4,300  c. July payments of accounts payable and accrued liabilities, $8,200  d. June 30 accounts payable balance, $10,600 e. June 30 furniture and fixtures balance, $34,500; […]

After Jessi’s Creative Design’s first month of operations your friend delivers to you a stack of invoices, check stubs, receipts and her first VISA-Business bill. You must decipher these in order to enter them into the accounts.   After sorting through the source documents you make a list of transactions for the first month, April: […]

On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs. During the month, Kim completed the following transactions related to the business:   July 1  Kim transferred cash from a personal bank account to an account to be used for the business, $21,000.       4   Paid rent for period […]

The following information is for the year ended December 31, 2011 for Ace Enterprises. Ace’s Balance Sheet reported Cash and Cash Equivalents of $3,000 at December 31, 2010.   Activity                                                   […]

The following relate to Eagle Corporation; assume a December 31, 2011 year end:   1.  During 2011, Eagle Corporation purchased supplies for $2,500. At December 31, 2010, the supplies account reflected a balance of $750. At December 31, 2011, a count of the supplies shows $1,500 of supplies on hand.   2.  Eagle Corporation leases […]

1.  The following information is available for Unique Globe, as of May 31, 2011:   a. Cash on the books as of May 31 amounted to $43,784.16. Cash on the bank statement for the same date was $53,451.46. b. A deposit of $5,220.94, representing cash receipts of May 31, did not appear on the bank […]

  1)     (25 points total) We are going back to the fall of 1998, back in the ‘midst’ of the new economy.  The US economy weathered the E. Asian quite well and the US economy, by almost all accounts, was performing brilliantly.  In August of 1998, Russia defaulted on all the debt held by foreign […]

Utech Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2008, management estimates the following revenues and costs.   Prepare a CVP income statement, compute break-even point, contribution margin ratio, margin of safety […]

Black Brothers Furniture Corporation incurred the following costs.  Classify variable, fixed, and mixed costs.                   1. Wood used in the production of furniture.                 2. Fuel used in delivery trucks.                 3. Straight-line […]