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Under state law, Acme may pay 3% of eligible gross wages or it may reimburse the state directly for actual unemployment claims. Acme believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first $10,000 of gross wages paid to each employee.
Acme had five employees, each of whom earned $20,000 during 2011. In its December 31, 2011 balance sheet, what amount should Acme report as accrued liability for unemployment claims?
The projected benefit obligation was $100 million at the beginning of the year. Service cost for the year was $14 million. At the end of the year, pension benefits paid by the trustee were $8 million and there were no pension-related other comprehens..
The accountant for Wade Inc. prepared the bank reconciliation when the December 31 bank statement was received in the mail. The accountant discovered an error when preparing the reconciliation. A check received from Susan Akins, a customer, as paymen..
A contingent liability is a potential liability whose realization depends upon the future outcome of an event.
On November 15, 2011, Beta Company purchased 500 shares of Aquarium Suppliers Corporation for a short term investment at $60 per share. (Aquarium Suppliers has 1,000,000 shares of common stock issued and outstanding.) At December 31, 2011, the market..
Evaluate the eight variances and Comment on the variances - During September 2011, the company produced 106,000 cases and recorded the following cost data
Using the high-low method, compute the variable rate for tanning. Compute the fixed cost per month. Using your answers to Requirement 2, write the cost formula for tanning services.
Bert bought a house, signing a $120,000 mortgage for 30 years. Each year, he will pay the bank $10,659.
Normal 0 false false false EN-US X-NONE X-NONE Firm M has a margin of 6%..
Pinnacle Corp. budgeted $700,000 of overhead cost for the current year. Actual overhead costs for the year were $650,000. Pinnacle’s plant wide allocation base, machine hours, was budgeted at 100,000 hours
Evaluate taxable income and income tax payable for 2012. Evaluate the amounts reported as assets and liabilities of the Schimmel Company?
Prepare a production budget by quarters for the 6-month period ended June 30, 2011 - prepare a direct materials budget by quarters for the 6-month period ended June 30, 2011.
multiple choice questions on valuation of bonds and stocks.1.nbspfor bonds payable the cash interest paid in each
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