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Parcell Company contracted on 4/1/07 to construct a building for $2,500,000. The project was completed in 2005. Additional data follow:...
Parcell Company contracted on 4/1/07 to construct a building for $2,500,000. The project was completed in 2005. Additional data follow: 2007 2008 2009 Costs incurred to date $ 560,000 $1,350,000 $1,900,000 Estimated cost to complete 1,040,000 450,000 Billings to date 500,000 2,000,000 2,500,000 Collections to date 400,000 1,300,000 2,400,000 Instructions (a) Calculate the income recognized by Parcell under the percentage-of-completion method of...
The Pennington Corporation issued a new series of bonds on January 1, 1983. The bonds were sold at par value, which $1,000, have a 12...
The Pennington Corporation issued a new series of bonds on January 1, 1983. The bonds were sold at par value, which $1,000, have a 12 percent coupon, and mature in 30 years, on December 31, 2012. Coupon payments are made semiannually (on June 30 and December 31)
The Pennington Corporation issued a new series of bonds on January 1, 1983. The bonds were sold at par value, which $1,000, have a 12...
The Pennington Corporation issued a new series of bonds on January 1, 1983. The bonds were sold at par value, which $1,000, have a 12 percent coupon, and mature in 30 years, on December 31, 2012. Coupon payments are made semiannually (on June 30 and December 31) b. What was the price of the bond on January 1, 1988 (five years later), assuming that the level of interest rates had fallen to 10 percent? d. On August 1, 2008, Pennington's bonds sold for $916.42. What was the YTM at that date.
on september 1 2010 valdez company reacquired 12,000 shsares of its $10 par value common stock for $15 per sahre. valdez uses the cost...
on september 1 2010 valdez company reacquired 12,000 shsares of its $10 par value common stock for $15 per sahre. valdez uses the cost method to account for treasury stock. the journal entry to record the reacquisition of the stock should debit
National Drilling Company ships its only pump to American Hydraulics Corporation, the manufacturer, for repair. National hires Overland...
National Drilling Company ships its only pump to American Hydraulics Corporation, the manufacturer, for repair. National hires Overland Transport, Inc., to take the pump to American Hydraulics and to return it to National as soon as the repair is complete. National is forced to suspend operations without a pump, but Overland does not know this. National expects to be without the pump for five days and to lose profits of $5,000. When the pump is not returned by the end of the fifth day,...
Given the general shape, volume and method of construction of the inspected container, determine the dimensions such a container should...
Given the general shape, volume and method of construction of the inspected container, determine the dimensions such a container should have in order to minimize the cost of construction
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in...
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in
sold for $8 a unit and Product Y is sold for $12 a unit. Each product can also be sold at the splitoff point. Product X can be sold for...
sold for $8 a unit and Product Y is sold for $12 a unit. Each product can also be sold at the splitoff point. Product X can be sold for $5 and Product Y for $4. Joint costs for the two products totaled $4,000 for January for 600 units of X and 500 units of Y
Product X is sold for $8 a unit and Product Y is sold for $12 a unit. Each product can also be sold at the splitoff point. Product X can...
Product X is sold for $8 a unit and Product Y is sold for $12 a unit. Each product can also be sold at the splitoff point. Product X can be sold for $5 and Product Y for $4. Joint costs for the two products totaled $4,000 for January for 600 units of X and 500 units of Y. What are the respective joint costs assigned each unit of products X and Y if the sales value at splitoff method is used?
5-38 Sale of Assets Received as a Gift and Inherited. Daniel receives 400 shares of A&M Corporation stock from his aunt on May...
5-38 Sale of Assets Received as a Gift and Inherited. Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009 as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift of A&M stock to Daniel. Daniel also inherited 300 shares of Longhorn Corporation preferred stock when...
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following...
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,000 Net sales: $40,000 Net purchases: $41,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:
Which of the following is incorrect? Total fixed cost does not change with output in the short run. Fixed costs exist only...
Which of the following is incorrect? Total fixed cost does not change with output in the short run. Fixed costs exist only in the short run. Total fixed cost must be added to total variable cost to determine total cost. Total fixed cost equals total variable cost in the long run.