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Illustrate the effects on the accounts and financial statements of recording the following selected transactions of LoneStar Leather Co.:
Apr. 15. Paid the first installment of the estimated tax for the current fiscal year ending December 31, $90,000. No entry had been made to record the liability.
Dec. 31. Recorded the estimated income tax liability for the year just ended and the deferred income tax liability, based on the April 15 transaction and the following data:
Income taxrate 40%
Income before income tax $950,000
Taxable income according to tax return $800,000
Assume that June 15 and September 15 installments of$90,000 were also paid.
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $541,000 and the total direct labor would be 33,000 hours..
Hull Inc. is considering the acquisition of equipment that costs $200,000 and has a useful life of 6 years with no salvage value. The incremental net cash flows that would be generated by the equipment are:
the standard cost of product X includes 2 units of direct materials @ $6/unit. During october, the company bough 29,000 units of materials @ $6.20/unit and used those materials to produce 15,000 units. what is the total material variance? what is ..
The pickle department of a major food manufacturer has an overhead rate of $5 per direct-labor hour, based on expected variable overhead of $150,000 per year, expected fixed overhead of $350,000 per year, and expected direct-labor hours of 100,000..
If beginning work in process is 4,000 units, ending work in process is 2,000 units, and the units accounted for equals 10,000 units, what must units started into production be?
The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.
Which of the following approaches is most suitable for auditing the finance and investment cycle?
In Moyer Company, the Cutting Department had beginning work in process of 6,000 units, transferred out 14,000 units, and had an ending work in process of 3,000 units. How many units were started by Moyer during the month?
Develop a memo in response to the President's questions in which you discuss unethical behavior that can result if the wrong performance measures are used to tie performance measures to compensation. How can EEC avoid these behaviors? How should E..
The audit procedure of analyzing the repairs and maintenance accounts is primarily designed to provide evidence in support of the audit proposition that all
The following costs were incurred in August: Direct materials $37,000 Direct labor 14,000 Manufacturing overhead 38,000 Selling expenses 10,000 Administrative expenses 28,000 Conversion costs during the month totaled:
Prepare journal entries to record issuance of the stock options, termination of stock options, exercise of the stock option and the charges compensation expense for year ending 12/31/2010, 12/31/2011, 12/31/2012"
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