The stockholders' equity section of Jay Company's balance sheet on 2009 December 31, shows 100,000 shares of authorized and issued USD 20 stated value common stock, of which 9,000 shares are held in the treasury. On this date, the board of directors declared a cash dividend of USD 2 per share payable on 2010 January 21, to stockholders of record on January 10. Give dated journal entries for these.
The materials used by the Hibiscus Company Division A are currently purchased from outside supplier at $52 per unit. Division B is able to supply Division A with 17,500 units at a variable cost of $50 per unit. The two divisions have recently negotiated a transfer price of $48 per unit for the 17,500 units. By how much will each division's income and the company's total income change as a result of this transfer? Enter an increase as a positive number and a decrease as a negative number.
|Change in income for Division A||$|
|Change in income for Division B||$|
|Total change in income for Hibiscus Company ?|
Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. List the accounts in the order of Assets, Liabilities, Owner's equity, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.
The following accounts have normal balances.
|Kenny Young, Capital||20,000|
|Kenny Young, Drawing||2,000|
Simplex Company has the following estimated costs for next year:
Simplex estimates that 10,000 direct labour and 16,000 machine hours will be worked during the year. If overhead is applied on the basis of machine hours, what will be the overhead rate per hour?
Cushman Company had $818,000 in sales, sales discounts of $12,270, sales returns and allowances of $18,405, cost of goods sold of $388,550, and $281,395 in operating expenses. Net income equals:
A company purchased a new delivery van at a cost of $62,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $5,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31
A company has sales of $7,22,200 and cost of goods sold of $2,89,200.Its gross profit (loss) equals
Blossom Company purchases a patent for $1,53,200 cash on january 2,2021.Its legal life is 20 Years and its estimated useful life is 8 Years
1.Record the purchase of patent on january 2,2021
2.Record amortization expense for the year ended December 31,2021
Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.
|(a)||Standard direct materials price per pound of raw materials.||$|
|(b)||Standard direct materials quantity per gallon.||pounds|
|(c)||Total standard materials cost per gallon.|
What is classification of market in economics? What is perfect competition market, monopolistic competition market, oligopoly market, monopoly market? Discuss in detail.
Meaning of Green House Effect . Impacts of Green House Effect.