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Aaron is a shared employee: He works in the manufacturing department and has been trained to work the sales counter in times of need. During other employees' vacations, he was asked to work in the sales department two days for six hours each day. When he works in the manufacturing department, he earns $11.50 per hour. Aaron earns a $2.50 pay differential for working the sales counter. He worked a total of 39.58 hours during the week. Compute: Aaron's regular pay for the manufacturing department Aaron's regular pay for the sales department
King agreed to accept 96,000 local currency units (LCU) in full payment for this inventory. Assume this hedge is designated as a fair value hedge. Prepare the journal entries relating to the transaction and the forward contract.
yemi ltd. is a retailer operating in edmonton alberta. yemi uses the perpetual inventory technique. all sales returns
Neither has any dependents nor itemized deductions. Based only on tax considerations, what marriage date would you recommend for the loving couple? How much would your choice save in taxes?
The building was subjected to a mortgage of $75,000 which Jo assumed. Her basis in the stock she surrendered was $10,000. Illustrate what is the amount of the gain she must recognize?
Edward Baird Company is a diversified investment company with three operating divisions organized as investment centers. Prepare condensed divisional income statements for the three divisions, assuming that there were no service department charges.
On April 2, 2013, Montana Mining Co. pays $4,867,330 for an ore deposit containing 1,507,000 tons. The company installs machinery in the mine costing $218,500, with an estimated seven-year life and no salvage value. Record the year-end adjusting entr..
Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,788 CDs with a unit cost of $8. During March, Dunbar made the following purchases of CDs. Determine (1) the ending inventor..
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
Prepare in good form a statement of cost of goods manufactured for the month ended April 30 th and determine whether the following exhibit variable, fixed or mixed cost behavior.
Franklin Industries, Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Journalize the entries for these transactions.
In 2013, the initial year of its existence, Dexter Company's accountant, in preparing both the income statement and the tax return, developed the following list of items causing differences between accounting and taxable income: Compute the income ta..
Describe the methods of revenue recognition - traditional U.S. GAAP method of revenue recognition fulfills the needs of the International Financial Reporting System? Why, or why not?
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