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Fungus Audio Works Inc. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $680,000 for January. In February, a customer received warranty repairs requiring $4,200 of parts.a. Determine the warranty liability at January 31, the end of the first month of the current year.b. What accounts are decreased for the warranty work provided in February?According to a summary of the payroll of Apline Publishing Co., $460,000 was subject to the 7.5% FICA tax. Also, $39,000 was subject to state and federal unemployment taxes.a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances.
A client's purchasing system ends with the recording of a liability and its eventual payment. Which of the following best describes the auditor's primary concern with respect to liabilities resulting from the purchasing system?
Each unit requires 20 minutes of direct labor. If 13,200 units were produced, what was the fixed overhead spending variance?
Suppose you bought an 8 percent coupon bond one year ago for $1,090. the bond sells for $1,056 today. A.) assume a $1,000 face value, what was your total dollar return on this investment over the past year?
Tonya had the following items for last year: Determine Tonya's adjusted gross income for the current year?
Assuming the Box Division has enough excess capacity to supply all of the Rolling Division's needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur?
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
The company estimates the system's current salvage value to be $1,500. A new computer system will cost $10,000 and is expected to have a useful life of five years, with no salvage value. Annual cash operating costs are $4,000 for the old system an..
A single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (..
What is the effect of high inherent risk on the amount of audit work required? Answer the same question for high control risk and high acceptable audit risk.
What is meant by variance power? Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. Of what relevance is variance power to how the foundation acco..
Determine the product mix for statues that allows maximization of the company's operating margin.
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