Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...
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Question - Victoria's 2016 tax return was due on April 15, 2017, but she did not file it until June 12, 2017. Victoria did not file an extension. The tax due on the tax return when filed was $9,400. In 2016, Victoria pai ...
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Question - A bond has a 7% coupon and pays interest semi-annually. What is the amount of each interest payment if the face value of a bond is $1,000?
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Question - Alpha Corp., was organized on January 2, 2018. During the first year of operation, Alpha issued 100,000 shares of $1 par value common stock at a price of $50 cash per share. On December 31, 2018, Alpha reporte ...
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Question - A machine is purchased January 1 at a cost of $56,290. It is expected to produce 129,000 units and have a salvage value of $3,400 at the end of its useful life. Units produced are as follows: Year 1 10,400 Yea ...
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Question - Splish Company purchased equipment for $221,000 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,480. Estimated production is 40,100 units an ...
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Question - Kon Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful ...
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Question - Lirin Inc. factors $6,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the amounts receivable for possible adjustments. Lir ...
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Question - On 24th May 2018, the board of ABX authorised the incorporation of ALCORE, a wholly owned subsidiary to develop a production plant capable of producing 50,000 tonnes of aluminium fluoride per annum? How will t ...
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Question - Dan bought a hotel for $2,600,000 in January 2012. In May 2016, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2016 was $2,800, ...
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