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Job-Cost RecordWestern State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government. Consider the following summarized data regarding a cancer research project in the Medical School:- January 5 Direct materials, various medical suppl-es, $925- January 7 Direct materials, various chemicals, $780- January 5-12 Direct labor, research associates, 120 hours- January 7-12 Direct labor, research assistants, 180 hours
Research associates receive $32 per hour, while assistants receive $19. The overhead rate is 70% of direct-labor cost.
Sketch a job-cost record. Post all the data to the project-cost record. Compute the total cost of the project though January 12.
The department actually completed 750 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010.
H owns 50% of the stcok of Y corporation and has a basis for that stock of $25,000. His wife W owns the remaining 50% of the stock at a basis of $25,000. H has all his stock redeemed for its fair market value of $250,000. What is H's tax treatment..
The Geranium Company paid dividends at the end of each year as follows: 20x0 $150,000, 20x1 $240,000, and 20x2 $560,000.
At the end of the year prior to the sale, Rita's basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair mark..
Describe some considerations for observing physical inventory. Explain a fraud scheme that may be used for inventory.
On April 3, 2008, Mark filed his 2007 Income tax return, which showed a tax due of $80,000. On June 1, 2010, he filed an amended retrun for 2007 that showed an additional tax of $10,000. Mark paid the additional amount. On May 18, 2011, Mark filed..
What are the two techniques used to convert trial balances from foreign currencies in U.S. dollars? Explain the situations when you would employ each metod.
Consider the following economy: Write numerical formula for IS curve. Write numerical formula for LM curve. What is equilibrium level of r?
1) Examine an auditing issue that is impacted by Sarbanes-Oxley. 2) Compare and contrast that issue before and after the Sarbanes-Oxley Act was implemented.
Describe the three broad types of IRS audits. Give an example of an issue that each type of audit might address, and indicate how frequently such audits are conducted by the IRS.
For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an ad..
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