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Employee entered into a written contract with Employer that provided, among other things, that Employee would manage a business division for Employer in exchange for half of the division's net profits, and if the division was sold during the term of the agreement, Employee would receive half of the net sale proceeds. In January, 2010, Employee was told that a contract had been made to sell the division. In February, 2010, Employer fired Employee without prior notice. The division sale was completed in March 2010, and Employer refused to pay Employee any part of the net sale proceeds or any accrued net profits. Employee sued to collect her share of the net proceeds of the sale and the net profits accrued as of the date of termination.
Question 1:
Is Employee entitled to any portion of the net sales proceeds? If so, why? If not, why not?
Question 2:
Is Employee entitled to any portion of the accrued net profits? If so, why? If not, why not?
If, instead, the company used a predetermined annual overhead rate, what would be its cost per case? What would be the factory overhead cost component of finished goods inventory? Discuss which method of overhead allocation is preferable.
Which product or products should be sold at the split-off point and which product or products should be processed further? Show computations.
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
At the beginning of the year, Albers, Inc., has total stockholders' equity of $840,000 and 40,000 outstanding shares of a single class of capital stock.
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit? - answer 100-150 words.
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
Give the journal entries to issue the bonds and pay each of the first two interest payments to bondholders.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
The cost associated with maintaining rural highways follows a predictable pattern. There're basically no costs for the first three years, but thereafter maintenance is needed for restriping, weed control, light replacement, shoulder repairs, etc.
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