Entries by mary WAMBUGU

Ocean City Kite Company manufactures & sells kites for $5.50 each. The variable cost per kite is $2.50 with the current annual sales volume of 55,000 kites.

August 30, 2019 in /by

1.Ocean City Kite Company manufactures & sells kites for $5.50 each. The variable cost per kite is $2.50 with the current annual sales volume of 55,000 kites. This volume is currently Ocean City Kite’s breaking even point. Use this information to determine the dollar amount of Ocean City Kite Company’s fixed costs. (Round dollar value […]

 

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On March 1, 2019, Baltimore Corporation had 50,000 shares of common stock outstanding with a par value of $5 per share.

August 30, 2019 in /by

1.On March 1, 2019, Baltimore Corporation had 50,000 shares of common stock outstanding with a par value of $5 per share. On March 1, Baltimore Corporation authorized a 20% stock dividend when the market value was $20 per share. Use this information to calculate the amount either (debited) or credited to retained earnings.  Enter as a negative […]

 

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On January 2, 2018, Baltimore Company purchased 18,000 shares of the stock of Towson Company at $14 per share.

August 30, 2019 in /by

1.On January 2, 2018, Baltimore Company purchased 18,000 shares of the stock of Towson Company at $14 per share. Baltimore obtained significant influence as the purchase represents a 30% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $17,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, Towson […]

 

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Annapolis Company completes job #601 which has a standard of 640 labor hours at a standard rate of $19.20 per hour.

August 30, 2019 in /by

Annapolis Company completes job #601 which has a standard of 640 labor hours at a standard rate of $19.20 per hour. The job was completed in 520 hours and the average actual labor rate was $19.20 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable […]

 

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