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Sucked into a wormhole while spending time in outer space, you land in a perfect world where accountants are worshipped and paid extravagantly. As an accountant, you're immediately offered a job at a local manufactory firm. In additional to a huge salary, you're also entitled to a year-end bonus of 5% of the company's profit after deduction for the bonus. At the end of the year the profit amount to $500,000 before accounting for your bonus. You're been asked to calculate your year-end bonus. Assuming you're honest, what will you inform management your year-end bonus should be? Remember, this is a perfect world so no income taxes exist. Show your calculations and round the nearest dollar.
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
A swap valuation method which involves summing and computing the present value of each and every future net settlement and would be required by the contract terms either future s
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Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
Define Carriage outwards.
Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
I need the answers to the following questions in Quickbooks 2012, 1-write dividend checks, 2- sell fixed assets, 3-update the asset tracking report, 4-pay sales taxes and payrol
Purchase of office supplies what is the account classification?
Q. Fundamental manual accounting system? Those planning on a public accounting career must do more than just learn accounting. To develop the essential skills a broad education
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