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BIGBUCKS has five departments, each with a supervisor. The supervisor of each department triggers (initiates) the payroll process. Each department supervisor totals the hours for each employee. He notes these totals on a summary employee timesheet. He then forwards the timesheet to data processing. Data processing enters the timesheet data (employee number and hours) into the computer. The computer computes the normal hours and the overtime hours. The computer then reads the employee's withholding and pay-rate data from the Employee database (maintained on disk) and computes the gross pay, net pay, and deductions for each employee. As it is computed, the computer logs the pay data onto a temporary disk file (you can refer to it as TDF). Then, the computer prints a paycheck and payroll stub for each employee on the printer in the payroll department. At the end of the day, the computer reads the TDF and prints a summary of the payroll data on a printer in the payroll department. The payroll manager reconciles the summary with the paychecks and then stamps each paycheck with the necessary signature stamp. The payroll manager then delivers each paycheck to the appropriate employee.
The firm delivers goods with a sales price of $375,000 to customers during 2014, as contracted. This amount includes the goods ordered on 11/15/2013 ( this transaction was dr cash 45,000 and cr unearned revenue 45,000). the remaining goods were sold ..
The stockholders’ equity section of Nilsson Corporation’s balance sheet as of December 31, 2014 is as follows: Make all necessary journal entries for Nilsson to account for the transactions affecting stockholders’ equity. Prepare the December 31, 201..
Determine the cost equations for factory overhead, advertising expense, salary & commissions, bad debt expense, sales discount, and purchasing expense by using a simple or multiple regression model and the data presented in appendices C &D.
Finished goods inventory is maintained at a level equal to 10 percent of the next quarter's sales. Finished goods inventory at the end of the fourth quarter budget period is estimated to be 2,000 units.
Prepare the general journal entries required to record the acquisition and payment on each of the independent cases above. Round to the nearest dollar.
For the risk of inaccurate recording of disbursements, what is the most likely internal control weakness? What is the most common cause of discrepancies in confirmation replies? Which audit assertion is met when testing accounts payable to related pa..
Genesis Energy’s newly established operations management team decided to seek outside assistance in developing a long-term operating plan that also addresses the financial issues identified. Describe and evaluate the financial environment at Genesis ..
Journalize the issuance at par value. Journalize the selling price of $90,000 when the market rate is 7 %. Journalize the selling price is $105,000 when the market rate is 5.5%.
Here are selected 2012 transactions of Eghan Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $62,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was pu..
Compute the unlevered market equity (asset) beta of Equifax. Compute the equity beta of Experian after the buyout with its new capital structure.
Prepare a compound journal entry to record the income tax expense. Show-well labeled computations
Determine the balance of any current and deferred tax assets and liabilities as at 30 June 2015, in accordance with AASB 112. Prepare the journal entries to record the current tax liability and movement in the deferred tax assets and deferred tax li..
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