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Lavender Company has decided to use a predetermined rate to assign factory overhead to production.  The following predictions have been made for 2014:   Total factory overhead costs $150,000 Direct labor hours 40,000 hours Direct labor costs $200,000   Required:    a. Compute the predetermined factory overhead rate assuming Lavender uses direct labor hours as […]

Yin & Yang Video has the following unadjusted trial balance as of January 31, 2010:                    Yin & Yang Video                 Unadjusted Trial Balance                  January 31, 2010                                   Debit Balances            Credit Balances Cash   19,000           Accounts Receivable   34,100           Supplies          4,464 Prepaid Insurance       4,800 Equipment      108,000         Notes Payable                       […]

   1.      The cost of debt is equal to one minus the marginal tax rate multiplied by the average coupon rate on all outstanding debt. a. True b. False   2.      The cost of preferred stock to a firm must be adjusted to an after-tax figure because 70% of dividends received by a corporation may […]

Scully Corporation’s comparative balance sheets are presented below.   SCULLY CORPORATION Balance Sheets December 31                                              2011                       2010  Cash         […]

PE 3-3A Adjustment for prepaid expense The supplies account had a beginning balance of $1,975 and was debited for $4,125 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $1,850. PE 3-3B Adjustment for prepaid expenseThe prepaid insurance account […]

Bones Company manufactures two products (X and Z). Overhead costs have been divided into three cost pools that use the following activity drivers.   Product               # of Setups    Machine Hours     Packing Orders    X                     36 […]

The general Ledger of Speedy Ship at June 30, 2012, the end of the company’s fiscal year, includes the following account balances before adjusting entries. Accounts payable…………………………………………..$114,000 Current portion of notes payable……………………_______ Interest payable………………………………………………_______ Salary payable…………………………………………………._______ Employee payroll taxes payable……………………..970 Employer payroll taxes payable……………………….._______ Unearned rent revenue……………………………………6,900 Long-term note payable……………………………………210,000   The additional data needed […]

1. To prevent fraudulent shipments of merchandise, organizations should:a. Match every receiving slip to an approved purchase order.b. Match every outgoing shipment to a sales order.c. Make sure that all increases to perpetual inventory records are supported by proper source documents.d. All of the above 2. Unexplained increases in inventory shrinkage can be a red flag that signals which type of […]

can you open the attachment to find my assignment i need it tomorrow before 1.   I need A or B+ please. thank you ECO 2003 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. A surplus results when a a. nonbinding price floor is imposed on a […]

Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $11.90 million. This investment will consist of $2.10 million for land and $9.80 million for trucks and other equipment. The land, all trucks, and all other equipment is expected […]