Bundle: Financial & Managerial Accounting, 13th + CengageNOWv2, 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781305618909
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 13MJ, Problem 8DQ
To determine
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To compare: The term ‘share premium’ used in IFRS
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Given below are the account balances for Redstone
Corp:
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Gross sales: $150,000
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Sales returns and allowances: $6,000
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Selling expenses: $15,000
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Cost of goods sold: $65,000
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Interest expense: $4,000
How much is the gross profit margin?
Techtronic Inc., a manufacturing company, has just completed an order that
Micro Solutions placed for 150 gadgets. The direct material, purchased parts, and
direct labor costs for the Micro order are as follows:
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Cost of direct materials: $54,000
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Cost of purchased parts: $30,000
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Direct labor hours: 300 hours
•
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Average direct labor pay rate: $18 per hour
Overhead costs were applied at a plant wide overhead rate of 250 percent
of direct labor dollars.
Compute the total cost of the Micro order.
BlueSky Corp has total debt of $250 million and 40 million shares
outstanding with a market price of $5.50 per share. Calculate
BlueSky's market debt-equity ratio.
A) 1.52
B) 0.88
C) 1.14
D) 2.15
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