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For the year ended December 31, 2011, Winter Company has implemented an employee bonus program equal to 3% of Winter's net income, which employees will share equally. Winter's net income (prebonus) is expected to be $1,000,000, and bonus expense is deducted in computing net income.
1.Compute the amount of the bonus payable to the employees at year-end (use the method described in the chapter and round to the nearest dollar).
2.prepare the journal entry at December 31, 2011, to record the bonus due the employees.
3.prepare the journal entry at January 19, 2012, to record payment of the bonus to employees.
The bonds were issued for $817,860 cash, which provided the holders an annual yield of 8%. What is the amount of the semi-annual interest expense?
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Leon owns all six hundred (600) shares of the outstanding stock of Crane Corporation (Earnings And Profits (E&P) of $1,000,000). Leon had acquired the stock ten (10) years ago for $450,000.
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
At the end of the year prior to the sale, Rita's basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair mark..
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What are Lily's taxable income and tax liability for the year?
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The fixed manufacturing overhead variance caused by actual activity being different from the estimated activity used in calculating the predetermined overhead application rate is called the:
On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, ..
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What is the total product costs incurred to make 10,000 units? What is the total amount of period costs incurred to sell 10,000 units?
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