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Clear water products, Inc. had sales during 2009 of $900,000. Its gross profit percentage was 55%.company's selling expenses were 18%of sales and general $ &administrative expenses were equal to 80% of selling expenses. Company's income tax rate is 30 percent and the company has 60,000 shares of common stock outstanding for 2009.
Prepare company's income statement, using single-step method, for the year ended December 31,2009, and provide with EPS (income per share).
Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll. Two journal entries required.
1. From the information given, record closing entries. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods. (Round all answers to 0 decimal places, i.e. 10,510.)
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
Prepare a master budget including a budgeted income statement, balance sheet, statement of cash receipts and disbursements, and supporting schedules for the months January through March 2008.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective risk for both fleets can be different, even though the chance of loss is identical.
Compute Brisbane's basic and diluted earnings per share for 2006.
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
Is there a difference between financial statement fraud and other types of fraud? How does the definitions differ (if they do)? Should there be a distinction between the two or not?
Auto Tires has been in the tire business for four years. It rents a building but owns all of its equipment. All employees are paid a fixed salary except for the busy season (April - June), when temporary help is hired by the hour. Utilities and ot..
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