Monthly Archives: July 2014

Jorge Company bottles and distributes B-Lite, a diet soft drink (A+ Guaranteed)

Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers, who charge customers 77 cents per bottle. For the year 2014, management estimates the following revenues and costs. … Continue reading

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On January 1, 2012, Gucci Brothers Inc. started the year with a $501,000 (A+ Guaranteed)

On January 1, 2012, Gucci Brothers Inc. started the year with a $501,000 balance in retained earnings and a $600,000 balance in common stock. During 2012, the company earned net income of $96,000, paid a dividend of $15,100, and issued … Continue reading

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Athletic Sports, Inc., produces high-quality sports equipment (A+ Guaranteed)

Athletic Sports, Inc., produces high-quality sports equipment. The company’s Racket Division manufactures two tennis rackets—the Standard and the Deluxe—that are widely used in amateur play. Selected information on the rackets is given below: Standard                  Deluxe Selling price per racket                                        $47.70                     … Continue reading

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Hannon Company makes swimsuits and sells these suits directly to retailers (A+ Guaranteed)

Hannon Company makes swimsuits and sells these suits directly to retailers. Although Hannon has a variety of suits, it does not make the All-Body suit used by highly skilled swimmers. The market research department believes that a strong market exists … Continue reading

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The Howard Mobile Home Manufacturing Company is audited by Olson and Riley, CPAs (A+ Guaranteed)

2-20 (Objectives 2-2, 2-3, 2-6) The Howard Mobile Home Manufacturing Company is audited by Olson and Riley, CPAs. Howard Mobile Home has decided to issue stock to the public and wants Olson and Riley to perform all the audit work … Continue reading

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ACCT 212 Final Exam – (TCO 3) At the end of the period it is necessary to close all temporary accounts

1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Supplies Expense in … Continue reading

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Algon Company owns a machine that cost $560,000 (A+ Guaranteed)

Algon Company owns a machine that cost $560,000, has a book value of 240,000, and an estimated fair value of 480,000. Nogal COmpany has a machine that cost 720,000 has accumulated depreciation of 400,000 and an estimated fair value of … Continue reading

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Robusta Coffee Company roasts and packs coffee beans (A+ Guaranteed)

Robusta Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process … Continue reading

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Ivan Company has a goal of earning $160,000 after-tax income (A+ Guaranteed)

Ivan Company has a goal of earning $160,000 after-tax income. Ivan would need to pay $29,000 of income taxes at the target level of income. The contribution margin ratio is 30%. What amount of dollar sales must be achieved to … Continue reading

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White Star Flour Company manufactures flour by a series of three processes (A+ Guaranteed)

Problem 18-3A Equivalent Units and Related Costs; Cost of Production Report; Entries White Star Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials … Continue reading

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