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Faruga Company was late in paying its state unemployment contributions of 4.0%. If the company had taxable wages (FUTA & SUTA) during the year of $315680, what would be its net FUTA tax for the year?
Barbara sells a house with a FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of:
Compute the equivalent units of production for materials and conversion costs for the month of September: Compute the unit costs for materials and conversion costs for the month. Determine the costs to be assigned to the units transferred out and in ..
When a parent company that records its investment using the cost method during a fiscal year sells a portion of its investment, explain the correct accounting for any difference between selling price and recorded value.
Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.
Auto Tires has been in the tire business for four years. It rents a building but owns all of its equipment. All employees are paid a fixed salary except for the busy season (April - June), when temporary help is hired by the hour. Utilities and ot..
Old Alabama Company purchased investments for $45,000 and plant assets for $127,000 during the current year, during which it also sold plant assets for $66,000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a ..
Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.
Gridley issued a 20% stock dividend on May 1. On August 1, Gridley purchased 140,000 shares and immediately retired the stock. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for..
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $156,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives
Using the account classification, estimate the increase in the following costs because of the decision to increase enrollment:
Up to three standard deviations above or below the centerline is the amount of variation that statistical process control allows for
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