Category: Law

Order answer: On January 1 2013 Knox Company showed the following alphabetical

Law

Order answer: On January 1 2013 Knox Company showed the following alphabetical

Posted By George smith

On January 1, 2013, Knox Company showed the following alphabetical list of shareholders’ equity items: Additional paid-in capital on common stock ………..$130,000 Additional paid-in capital on preferred stock ……………6,000 Common stock, $10 par ………………………………100,000 Preferred stock, $100 par ………………………………50,000 Retained earnings ……………………………………..224,000 During 2013, the

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Order answer: At the beginning of 2013 Cameron Company s retained earnings was

Law

Order answer: At the beginning of 2013 Cameron Company s retained earnings was

Posted By George smith

At the beginning of 2013, Cameron Company’s retained earnings was $212,000. For 2013, Cameron has calculated its pretax income from continuing operations to be $120,000. During 2013, the following events also occurred: 1. During July, Cameron sold Division M (a component of the company). It

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Order answer: It is the end of 2013 and as an accountant

Law

Order answer: It is the end of 2013 and as an accountant

Posted By George smith

It is the end of 2013, and, as an accountant for Newell Company, you are preparing its 2013 financial statements. On December 29, 2013, Newell’s management decided to sell one of its major divisions, subject to some legal work that is expected to be completed

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Order answer: Situation During 2013 one of the customers of Klote Company declared

Law

Order answer: Situation During 2013 one of the customers of Klote Company declared

Posted By George smith

Situation During 2013, one of the customers of Klote Company declared bankruptcy. This customer had been a major purchaser of Klote’s products and had owed $40,000 on account to Klote (a material portion of its receivables) at the time of bankruptcy. As a result of

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Order answer: GAAP deal with among other issues defining a component and

Law

Order answer: GAAP deal with among other issues defining a component and

Posted By George smith

GAAP deal with, among other issues, defining a ”component” and reporting the results of discontinued operations on a company’s income statement. Required: Identify the elements of a company’s results of discontinued operations section of its income statement. Define a component and explain how the elements

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Order answer: Shown here is an income statement in the traditional format

Law

Order answer: Shown here is an income statement in the traditional format

Posted By George smith

Shown here is an income statement in the traditional format for a firm with a sales volume of 15,000 units: Revenues…………………………………………………………………………………………………. $105,000 Cost of goods sold ($8,000 + $3.60/unit)………………………………………………………… 62,000 Gross profit……………………………………………………………………………………………….. $ 43,000 Operating expenses: Selling {$1,500 + $0.80/unit………………………………………………………………………….. 13,500 Administration ($4,000 + $0.50/unit)……………………………………………………………….

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Order answer: Collegiate Canvas currently makes and sells two models of a

Law

Order answer: Collegiate Canvas currently makes and sells two models of a

Posted By George smith

Collegiate Canvas currently makes and sells two models of a backpack. Data applicable to the current operation are summarized in the following columns labeled Current Operation. Management is considering adding a Value model to its current Luxury and Economy models. Expected data if the new

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Order answer: Larry estimates that the costs of insurance license and depreciation

Law

Order answer: Larry estimates that the costs of insurance license and depreciation

Posted By George smith

Larry estimates that the costs of insurance, license, and depreciation to operate his car total $320 per month and that the gas. Oil, and maintenance costs are 14 cents per mile. Larry also estimates that, on average, he drives his car l .400 miles per

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Order answer: Clay Co produces ceramic coffee mugs and pencil holders Manufacturing

Law

Order answer: Clay Co produces ceramic coffee mugs and pencil holders Manufacturing

Posted By George smith

Clay Co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor hours. Required: a. For 2016 the company’s cost accountant estimated that total overhead costs incurred would be $408750 and that a total

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Order answer: Calculate basic EPS and explain the EPS effect of convertible

Law

Order answer: Calculate basic EPS and explain the EPS effect of convertible

Posted By George smith

Calculate basic EPS, and explain the EPS effect of convertible preferred Thrifty Co. reported net income of $191,150 for its fiscal year ended January 31, 2017, At the beginning of that fiscal year. 50,000 shares of common stock were outstanding. On October 31, 2016, an

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