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During the current month, a company that uses a job order cost accounting system incurred a monthly factory payroll of $120,000 paid in cash. Of this amount, $30,000 is classified as indirect labor and the remainder as direct. Prepare entries to record these transactions.
Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.
A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
The Alperti Company manufactures surgical gowns for hospitals. Their controller, Ethell Hieken is preparing the variance analysis report for October. Standard Costs are as follows: What is the material price variance?
Allocate the total costs between the completed chips and the chips in ending inventory.
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?
Member P has an outside basis in his interest in Bing LLC of $10,000 and in 2007, the flowing transactions take place.
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
Which of the following is an example of a variable cost?
Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)
A small publishing company is planning to publish a new book. The production costs will include one time fixed costs(such as editing) and variable costs( such as printing).
Frantic Fast food had earnings after taxes of $390,000 in the year 2009 with 300,000 shares outstanding. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earning..
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