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A review of the accounting records of Spiller Manufacturing indicated that the company incurred the following payroll costs during the month of September. 1. Salary of the company president—$32,600. 2. Salary of the vice president of manufacturing—$15,700. 3. Salary of the chief financial officer—$18,400. 4. Salary of the vice president of marketing—$16,600. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$205,000. 6. Wages of production workers—$943,000. 7. Salaries of administrative secretaries—$111,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment—$172,000. 9. Commissions paid to sales staff—$249,000. Required: a. What amount of payroll cost would be classified as selling, general, and administrative expense? b. Assuming that Spiller made 3,400 units of product and sold 3,060 of them during the month of September, determine the amount of payroll cost that would be included in cost of goods sold
The total cost transferred from the first processing department to the next processing department during the month is closest and
Calculate retained earnings from the following data; calculate the retained earnings balance as of December 31, 2009:
Prepare journal entries to record the preceding information and show what is reported on the Holly Companys 2010 income statement.
Garth purchased merchandise inventory costing $24,000 with credit terms of 2/10, net 30. Eight days after the purchase, Garth paid one-half of the outstanding obligation. The remaining amount was paid 30 days after the date of purchase.
Bugga Corp expects to sell 3,000 units in October, and expects sales to increase 20% each month thereafter. Sales price is expected to stay constant at $8 per unit. What are budgeted revenues for the fourth quarter?
Over the last twelve years, you have been making monthly payments on a 30 year, $80,000 home loan at 8% interest compounded monthly. You have just won $100,000 while on a riverboat gambling cruise in Dubuque, Iowa. Draw the Cash Flow Diagram (neatly ..
Determine the effect on net income and earnings per share for these two methods of financing and prepare journal entries to record the events - The issuance of the bonds
Why are account balances summarized into financial statements? Why don't companies simply distribute a list of year-end account balances?
Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. What are the journal entry to record the payroll tax expense for the period.
write a report (should be extensive) to the owners detailing ALL the different options and considerations that you feel the owners should consider raising the $60 million.
Sommerville, Corporation repurchased 25,000 shares. Find how many shares are outstanding?
Prepare a statement of revenues and expenses and a statement of changes in net assets.
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