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Stevens Corp has an employee benefit plan for compensated absences that gives employees 15 paid vacation days that can be carried over indefinitely or employees can receive payment in lieu of vacation. The company's December 31, 2009 unadjusted balance of liability for compensated absences was $30,000. The company estimated 200 vacation days available and employees earned $150 per day. What is the liability for compensated balances on December 31, 2009:
Would the calculaton be:
200 vacation days x $150 per day $30,000
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ic..
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)
Waves Company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 201..
If $380,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the common stockholders?
Analogue Technology has preferred stock outstanding that pays $9 annual dividend. It has a price of $76. What is the required rate of return (yield) on the preferred stock?
work in process inventory on december 31,2011, is $42,000. work in process inventory decreased 40% during 2011. total manufacturing cost incurred in 2011 amount to $260,000. what is cost of goods manufactured?
Which of the following would be treated as an extraordinary item?
Innova Discs has two divisions-Standard and Premium. Each division has hundreds of different types of golf discs and disc golf products. The following information is available:
Sweet Scent Company manufactures scented wax pellets. The company buys wax in 100-pound containers that cost $15 each. They use 20,000 containers per year, and usage occurs evenly throughout the year.
Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
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