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1.Discuss the use of job order costing for professional services businesses. What are the similarities and differences between service and manufacturing business job order costing?
2.ABC Printing Company uses a job order cost system.
(a) Indicate the source of the data for debiting Work in Process for each of the following:(1) Direct materials requisitioned(2) Direct labor used
(b) Indicate the source of the data for crediting Work in Process for jobs completed.
(c) Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
The records of Nevada Co. indicated that $420,000 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage ..
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
What types of regulations requiring periodic reporting, both monetary and statistical, come along with the payroll function, and what are the reports required?
Print it Green, Inc. is a manufacturer of recycled printing supplies. The company began operations on 10/1/2008 and is dedicated to producing sustainable green printing products. Print it Green, Inc. provides recycled laser toner cartridges, recyc..
Determine when the company should record a sale under Dobbs' FOB policy.
Griggs Company holds $50,000 of 8% bonds as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment.
David organize white Corporation with a transfer of land (basis of $200,00, fair market value of $600,000) that is subject to a mortgage of $150,000. A month before the incorporation, David borrowed $100,000 for personal purpose and gave the bank ..
Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
Which of the following assets would be considered 1231 property?
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
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