Assume that actual overhead consisted of $30,000 for indirect labor, $20,000 for indirect material, and $10,000 for depreciation of factory equipment. Based on the preset rates, $65,000 of overhead was applied to work in process.
The contract interest rate for bonds:
Norman Corporation issued $100,000 of 7%, 15-year bonds on January 1, 2014 at 102. The proper entry to record issuance of the bonds includes a debit to Cash for:
Which of the following statements about treasury stock is true?
Maxlo Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4. The dividend was paid on May 15. The proper journal entry for Maxlo Company on May 15 does include:
Alpha Corporation has cumulative preferred stock. If dividends are not declared in a period, then those dividends are
Maloney Company's balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000). These are the only current items.
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a 360-day year, what was the inventory turnover ratio for 2014?
Which costing method seems ideally suited to the production of homogenous products in continuous throughput?