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A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of August.
1. Salary of the company president-$32,000.2. Salary of the vice president of manufacturing-$16,000.3. Salary of the chief financial officer-$18,800.4. Salary of the vice president of marketing-$15,600.5.
Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$196,000.6. Wages of production workers-$938,000.7. Salaries of administrative secretaries-$112,000.8. Salaries of engineers and other personnel responsible for maintaining production equipment- $178,000.9. Commissions paid to sales staff-$252,000.Assuming that Rayford made 4,000 units of product and sold 3,600 of them during the month of August, determine the amount of payroll cost that would be included in cost of goods sold.
Required: Compute the target cost of a CD player. Loyola International, Inc. is considering adding a portable CD player to its product line. Management believes that in order to be competitive,
A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810? This item would be included on the bank reconciliation as?
On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher than in Year 5. Basic earnings per share in Year 6 ..
Byron inc. decided 0n august 1, 2010, to dispose of a component of its business. The component was sold on November 30, 2010. Byron's income for 2010 included income of $250,000 from operating the discontinued segment from January 1 to the sale da..
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Rent income should be shown on the income statement : a. Pretax as part of income from continuing operations before tax. b. net of tax as part of income from continuing operations before tax
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Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
Mary and Bob have been married for 25 years. They are both college professors. Mary makes $65,000 annually and Bob makes $75,000 annually.
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..
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