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please show all steps so I can fully understand how to solve. thank you On December 31, 20x5, you enter into a three...
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You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
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Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
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Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
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Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
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The beginning balances of the shareholders equity of Hanssen Incorporated for the year 20x7 are as follows: $10188418 Common shares, 1,000,000 shares issued Retained earnings $1218423 During 20x7, David repurchased 63245 shares at $271550 The net income for the year was $947228. What is the balance in retained earnings at December 31, 20x7? Select one: a $ 1098033 b. $120390 c. $2165651 d. $1067618
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On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
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Horla Co's manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar. 1.20x9 Mar. 31, 20x9 Direct materials $ 32390 $ 30582 Work in process 21420 12481 Finished goods 48034 69109 $93263 65291 Additional information for the month of March: Direct materials purchased Direct labour costs incurred Direct labour rate per hour Factory overhead rate per direct labour hour What were the...
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You are given the following data for Skylar Ltd. Direct Labour Hours January 25700 February 32600 March 45090 April 37500 May 40400 June 21052 July 23700 August 39200 September October 24000 November 25200 December Overhead Costs $630800 $700100 $884664 $720500 $910300 $629960 $651000 $759000 $751513 $615200 $620100 $654269 41004 Using the high-low method, estimate the total overhead at a volume of 30,000 direct labour hours: Select...
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BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
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You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
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Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
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Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
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Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
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The beginning balances of the shareholders equity of Hanssen Incorporated for the year 20x7 are as follows: $10188418 Common shares, 1,000,000 shares issued Retained earnings $1218423 During 20x7, David repurchased 63245 shares at $271550 The net income for the year was $947228. What is the balance in retained earnings at December 31, 20x7? Select one: a $ 1098033 b. $120390 c. $2165651 d. $1067618
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On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
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Horla Co's manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar. 1.20x9 Mar. 31, 20x9 Direct materials $ 32390 $ 30582 Work in process 21420 12481 Finished goods 48034 69109 $93263 65291 Additional information for the month of March: Direct materials purchased Direct labour costs incurred Direct labour rate per hour Factory overhead rate per direct labour hour What were the...
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You are given the following data for Skylar Ltd. Direct Labour Hours January 25700 February 32600 March 45090 April 37500 May 40400 June 21052 July 23700 August 39200 September October 24000 November 25200 December Overhead Costs $630800 $700100 $884664 $720500 $910300 $629960 $651000 $759000 $751513 $615200 $620100 $654269 41004 Using the high-low method, estimate the total overhead at a volume of 30,000 direct labour hours: Select...
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solve . Thank you
BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
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