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What are the basic classifications found on an income statement for a merchandising business as compared to a service business? Provide an example of a merchandiser and a service entity.
An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week, and that the gross pay prior to the current week totaled $46,400. Determine the gross pay ..
Create journal entries for the transactions for Wilson Inc - On January 3, 2012, Brown, Inc. pays the company $30,000 Canadian dollars which the company converts to U.S. dollars. The exchange rate is $1 Canadian dollar buys $1 U.S. Dollar.
manufactures bamboo picture frames that sell for $35 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14.00 per hour. Iguana has the follow..
Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2011 and prepare a statement of net assets for the year ended June 30, 2011.
Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.
Assume that there is no specific sales mix. Write the breakeven equation and graph it. Name two breakeven points, and calculate a third breakeven point which is a linear combination of the two, using g = 0.25. Prove that your third point is in..
Pineapple Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000 units in process at month-end, 20% complete. Conversion costs associated with the beginni..
How much additional Social Security and Medicare tax does Elise pay in 2014 on her $2,000 Christmas bonus paid to her on December 1, 2014? Her total earnings for the year (before the bonus) are $130,000.
As a project manager on a product development team for a new line of iPads for the hearing impaired, you are asked to create a product development plan that addressed items (a) through (f) below. Develop an initial cost budget for the project to meet..
Evaluate annual depreciation for the first and second years using the straight-line method
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect ..
Prepare a trend analysis of the data that follow, and tell whether the situation shown by the trends is favorable or unfavorable.
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