Ken young and kim sherwood organized reader direct as a corporation; each contributed $59,000 cash to start the business and received 4,000 shares of stock. the store completed its first year of operations on december 31, 2012. on that date, the following financial items for the year were determined: cash on hand and in the bank, $54,500; amounts due from customers from sales of books, $28,900; property and equipment, $58,000; amounts owed to publishers for books purchased, $9,400; one-year note payable to a local bank for $5,850. no dividends were declared or paid to the stockholders during the year. using the retained earnings equation and an opening balance of $0, compute the amount of net income for the year ended december 31, 2012

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

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Tl & co. is following a related-linked diversification strategy, and soar inc. is following a related-constrained diversification strategy. how do the two firms differ from each other? a. soar inc. generates 70 percent of its revenues from its primary business, while tl & co. generates only 10 percent of its revenues from its primary business. b. soar inc. pursues a backward diversification strategy, while tl & co. pursues a forward diversification strategy. c. tl & co. will share fewer common competencies and resources between its various businesses when compared to soar inc. d. tl & co. pursues a differentiation strategy, and soar inc. pursues a cost-leadership strategy, to gain a competitive advantage.