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MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
Prepare the journal entries to record the pension expense and funding for the year.
Demarcus is a 50% partner in the DJ partner. DJ has taxable income for the year of $200,000. Demarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize?
Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units.
Candi purchased a 10 percent limited partnership interest in rental property for $30,000. The partnership has a $1,300,000 mortgage that is secured by the building.
Phipps Company borrowed $25,000 cash on October 1, 2009, and signed a six-month, 8% interest-bearing note payable with interest payable at maturity. Assuming that no adjusting entries have been made during the year, the amount of accrued interest ..
At the end of the period, the factory overhead control account for Department A had a debit balance of $260,000; actual direct labor hours were 63,000. What was the under- or over applied factory overhead for the period
Compute the rate variance, the efficiency variance, and the total direct labor cost variance for each of these two months. (Input all amounts as a positive value.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Laurie has a brokerage account at Dean Schwab, Inc. She makes investments on margin through this account. During the current year, she incurs $10,000 in margin interest in the account. Income generated through the brokerage account was.
Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
How is an auditors examination affected when a client has engaged in significant related party transactions? What measures should an auditor take to determine that such transactions have been properly recorded by the client?
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