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Assume that the following events occurred at a division of American Homes, Inc., a large homebuilder, for the current year.
1 Purchased $270 million in direct materials.
2 Incurred construction labor costs of $165 million.
3 Determined that general and administrative overhead was $246 million.
4 Transferred 70 percent of the materials purchased to jobs (work) in process.
5 Completed work on 55 percent of the jobs in process. Costs are assigned equally across all work in process.
The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.
Prepare a consolidated income statement for Chee Co. for the year ended December 31, 20X8. Be sure to show your supporting calculations.
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An auditor noted that client sales increased 10 % for the year - Based on this information, the auditor is most likely concerned about
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A company reports pretax accounting income of $11.5 million, but because of a single temporary difference, taxable income is only $8.9 million. Create a appropriate journal entry to record income taxes.
Prepare in general journal form the entry necessary to correct the books for the transaction in part 1 of this problem, assuming that the books have not been closed for the current year and evaluate the net income to be reported each year 2007 thr..
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