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Motor vehicle service technicians usually must provide their own tools as part of their employment. These tools are the property of the technician, and service technicians generally receive an hourly wage. Some automobile dealerships split service technician wages into classifications such as tool reimbursements and wages. The result of this practice is that the worker's hours are taxed and the tool reimbursements are not because they are classified as a business expense. Page 109 Should the tool reimbursement be treated as income on the service technician's W-2? Why or why not? What are some implications of this practice?
During October, Beidleman Inc. transferred $60,600 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $66,520. The journal entries to record these transactions would include a:
What is the total cost of Job 6.15 if Business Solutions applies overhead at 50% of direct labor cost and what is the total cost of job 6.15 is Business Solutions uses activity based costing?
Jimmy has $255,906 accumulated in a 401K plan. The fund is earning a low, but safe, 3% per year. The withdrawals will take place at the end of each year starting a year from now. How soon will the fund be exhausted if Jimmy withdraws $30,000 each yea..
question snapper ltd starts a business that makes womens shoes. it performs a factory in an inner suburb of perth. the
What method does Tootsie Roll use to value its inventory? What is the amount of the receivables Tootsie Roll expects to collect (this is termed the net realizable value)?
Determine the balance sheet inventory carrying value at December 31,2011 assuming the LCM rule is applied to individual products and separate income statement item, determine the amount of the loss.
Which element of a system of quality control strives to provide the firm with reasonable assurance that its policies and procedures are operating effectively?
On December 16, 2012, Keen Company received $5,400 from Smith Company for rent on an office building owned by Keen. The $1,800 covers the period December 16, 2012, through February 15, 2013. If Keen Company credited Unearned Rent to record the $5,400..
In 2013, the internal auditors of Development Technologies, Inc., discovered that (a) 2012 accrued wages of $2 million were not recognized until they were paid in 2013 and (b) A $3 million purchase of merchandise in 2013 was recorded in 2012 instead...
Your company's summarized financial information for the beginning and projected end of the current year is as follows: Beginning of the Year End of the Year (projected) Assets $90,000 $100,000 Liabilities 30,000 30,000 Equity 60,000 70,000 Net Income..
how would the items above relating to research and development activities be reported on the following financial statements?
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $590,000. The ovens originally cost $789,000, had an estimated service life of 10 years, and an estimated residual value..
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