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Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
April 2 Invested $30,000 cash and equipment valued at $14,000 in the business. 2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (Debit an asset account.) 7 Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. 17 Received cash of 2,300 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid secretary-receptionist $1,160 for the month. 30 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.)
Journalize the transactions in the general journal.
Identify the problem that appear to exist in ferguson and sons manufacturing company's budgetary control system and explain how the problem are likely to reduce effectiveness of the system.
Mojave sold her condominium for $500,000 on September 14, 2010; she had paid $330,000 for it in 2002. Mojave collected the selling price as follows: 2010, $80,000; 2011, $320,000; and 2012, $100,000. Mojave appropriately uses the installment-sales..
In the manufacture of 10,000 units of a product, direct materials cost incurred was $145,800, direct labor cost incurred was $82,000, and applied factory overhead was $45,500. What is the total conversion cost?
The fixed overhead volume variances is due to:
Compute earnings per share for 2010. Assume that financial statements for 2010 were issued in March 2011.
What would be the impact on the company's overall net operating income of buying part W28 from the outside supplier?
According to a summary of teh payroll of Matrix Publishing Co., $380,000 was subject to the 7.5% FICA tax. Also $16,000 was subject to state and federal unemployment taxes.
Someone purchased 320 shares of DNA at 35 3/4 from broker. He charges 1.6% for the transaction. Odd lot carry 1/8 of a dollar brokerage differential.
The IRS can impose intermediate sanctions on a public charity if its gross unrelated business income exceeds 50% of its gross income, or if less than two-thirds of its net unrelated business income is used in carrying out its tax-exempt mission. ..
Explain the product and the production process. Describe how you would find out the quantity of spoiled units that are normal versus abnormal. Explain how you would determine the cost of good units, normal spoilage and abnormal spoilage.
The net periodic pension cost reported in the income statement for 2011 would be
The standard quantity allowed for the units produced was 6,500 pounds, the standard price was $2.50 per pound, and the materials quantity variance was $375 favorable. Each unit uses 1 pound of materials. How many units were actually produced?
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