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O'Leon Enterprises makes Perfect shampoo for professional hair stylists. On July 31, it had 5,200 litters of shampoo in process that were 80 percent complete in regard to conversion costs and 100 percent complete in regard to direct materials costs. During August, it put 212,500 litters of direct materials into production. Data for Work in Process Inventory on August 31 were as follows: shampoo, 4,500 litters; stage of completion, 60 percent for conversion costs and 100 percent for direct materials. From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
Hults Corporation has provided data regarding the company's Manufacturing Overhead account for month of November.
Discuss the proper accounting treatment of $273,000 ($714,000 − $441,000) by which the cost of the first machine exceeded the cost of subsequent machines.
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
Evaluate taxable income and income taxes payable. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes.
Godert pharmaceutical company has many scientists working in the labs trying to develop anti-aging drug. The cost of this research and development should be.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
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