Accounting

Bart Company had outstanding 30,000 shares of common stock, par value $10 per share

Question: Bart Company had outstanding 30,000 shares of common stock, par value $10 per share. On January 1, 2015, Homer Company purchased some of these shares at $25 per share, with the intent of holding them for a long time. At the end of 2015, Bart Company reported the following: net income, $50,000, and cash …

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The petty cash custodian reported the following transactions during the month

Question: The petty cash custodian reported the following transactions during the month. Prepare the journal entry to record the replenishment of the fund. A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cash payment is made for supplies purchased from Office Depot, and a $30 cash payment …

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Profitability Ratios Bryce Company manufactures pet supplies

Question: Profitability Ratios Bryce Company manufactures pet supplies. However, Bryce’s electronic accounting system recently crashed and, unfortunately, only a partial recovery of the company’s year-end accounting records (which included several profitability ratios) was possible. As a result, Bryce’s controller, a bright young CMA named Jeanette, must compute various lost financial account balances using the recovered …

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Variable manufacturing overhead variance analysis. The Sourdough Bread

Question: Variable manufacturing overhead variance analysis. The Sourdough Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labour. Variable manufacturing overhead is allocated to products on the basis of standard direct manufacturing labour-hours. Following is some budget data for the Sourdough Bread Company: …

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Handy Hardware is a retail hardware store. Information about the store’s

Question: Handy Hardware is a retail hardware store. Information about the store’s operations follows. • November 20×1 sales amounted to $200,000. • Sales are budgeted at $220,000 for December 20×1 and $200,000 for January 20×2. • Collections are expected to be 60 percent in the month of sale and 38 percent in the month follow-ing …

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The total premium for each policy was paid in full (for all months) at the purchase date

Question: Policy Date of Purchase Months of Coverage CostA April 1, 2010 24 $15,840B April 1, 2011 36 13,068C August 1, 2011 12 2,700The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for …

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For its September quarter of 1998, Eastman Kodak, the imaging products

Question: Stock Market Reactions to Earnings Announcements: Eastman Kodak and Intel (Medium) For its September quarter of 1998, Eastman Kodak, the imaging products manufacturer, reported a net profit of $398 million, up 72 per cent from one year earlier and in line with analysts’ expectations. However, when it was also revealed that its sales had …

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