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A department store apportions payroll costs on the basis of the number of payroll checks issued. Accounting costs are apportioned on the basis of the number of reports. The payroll costs for the year were $231,000 and the accounting costs for the year totaled $75,500. The departments and the average cost of store equipment and average cost of inventory for each are as follows:
Number of Payroll Checks Number of Reports
Department R 483 70
Department S 1,470 85
Department T 147 345
Determine the amount of (a) payroll cost and (b) accounting cost to be apportioned to each department.
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Which of the following statements is true regarding the different types of general ledger accounts?
Carin, a widow, elected to receive the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each. Her husband had paid premiums of $75,000 on the policy. In the first year, Carin collected ..
Discuss the reasons why corporations invest in securities and how the market would be affected if they stopped this practice?
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For each factor identified, briefly discuss the importance of the item to the overall account estimate. For example, how important is the interest rate assumption to the overall estimate of the pension liability.
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Mary (age 33) is a single taxpayer with adjusted gross income for 2009 of $21,040. Mary maintains a home for two dependent children and has itemized deductions of $3,000. Calculate the following amounts for Mary's 2009 income tax return:
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