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Stonehenge Inc., a manufacturer of landscaping blocks, began operations on April 1 of the current year. During this time, the company produced 750,000 units and sold 720,000 units at a sales price of $9 per unit. Cost information for this period is shown below.
(a.) Prepare Stonehenge's December 31st income statement for the current year under absorption costing.
(b.) Prepare Stonehenge's December 31st income statement for the current year under variable costing.
Historically, warranty expenditures have been equal to 4% of sales. Total sales for the year were $650,000. Actual warranty repairs made during the year totaled $29,000.
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1) Juan Co. has two ongoing lawsuits and is in the process of preparing its financial statements. In one of the lawsuits against Juan, the lawyers indicate that it is probable that a loss estimated to be 1,000,000 will be resolved soon.
What factors may cause the effective interest rate and the stated interest rate to be different?
Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011.
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted. FICA taxes are 8%. State income taxes are 3% of gross earnings.
Explain how the analysis for the Cooking Depart-ment will differ from the analysis for the Mixing Department - prepare a process cost report for the Mixing Department for January - Prepare a process cost report for the Mixing Department for January.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
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