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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.
On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
Please explain I'm so lost Chandler Ltd. estimates sales for the second quarter of 2014 will be as follows. Month Units April 2,550 May 2,475 June 2,390 The t
What is accounting process?
Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
decrease in assat & decrease in capital
A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
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