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LIFO for Life Corp is a company that sells small children's clothing. On December 31, 2017, the company's sales revenue account showed a total of $250,000 (all sales were cash sales). The sales tax for the county where LIFO operates is 6%. No sales tax has been remitted to the government as of December 31, 2017. Assume that when the company initially records its sales transactions, it records the total amount of cash received in the sales revenue account. The entry on December 31, 2017 to accrue the sales tax payable includes a debit to ( ) for ( ) and a credit to ( ) for ( )
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: Hillyard Company Balance Sheet March 31 Asse..
For the current period, Kayenta Company’s manufacturing operations yield a $4,000 unfavourable price variance on its direct materials usage. The actual price per pound of material is $78; the standard price is $77.50. How many pounds of material are ..
Lumyn Electronics is a family owned business. The company sold 128 TV remote controls in July and incurred a total cost of $1,700. In November they sold 248 TV remote controls and incurred a total cost of $3,500. Based on this information, find the f..
Discuss the challenges of first time adoption of IFRS. Based on your research what do you see as the impact on financial reporting in the future? Should we harmonize or converge? Use the FASB Codification and the IFRS standards to support your positi..
No other changes to stockholders’ equity occurred during the year. Determine dollar amount of dividends declared by the company during the year.
The investigative approach for a forensic accountant is based on which of the following? (Points : 2) Methods following generally accepted auditing standards Methods following the Sarbanes Oxley Act Methods to determine who is responsible Methods to ..
During 2010, Sensa Corporation incurred operating expenses amounting to $100,000 of which $75,000 was paid in cash; the balance will be paid in January 2011. Transaction analysis of operating expenses for 2010 should reflect only the following.
Rooney Small Engine Repair charges $42 per hour of labor. It has a material loading percentage of 40%. On a recent job replacing the engine of a riding lawnmower, Ronney worked 10.5 hours and used parts with a cost of $700. Calculate Rooney's total b..
O’Hara Associates sells golf clubs and with each sale of a full set of clubs provides complementary club-fitting services. A full set of clubs with the fitting services sells for $1,500. O’Hara estimates that it incurs $60 of staff compensation and o..
(Learning Objectives 3, 5: Show the impact of transactions on the accounting equation; record (journalize and post) transactions in the books) Architect Aaron Ashton purchased supplies on account for $1,700. Later Ashton paid $425 on account.
Compute the overhead rate using the traditional approach and the parts of this question must be completed in order
Compute the price variance and efficiently variance for direct materials and for direct labor. For manufacturing overhead, compute the total variance, the flexible budget variance, and the production volume variance. Prepare a standard cost income st..
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