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The following information is for the second week. Make all necessary entries. a. Materials purchased and received, $22,000, terms n/45. b. Materials requisitioned for production were $21,000. Of this amount $2400 were indirect and the rest was distributed as follows: JOB 621--$5300 JOB 622--$7400 JOB 623--$5900. c. $600 of materials were returned to the storeroom. $200 was indirect and $400 was from JOB 622. d. Materials returned to the vendor amounted to $800. e. Gross payroll for the week was $60,000. Federal income tax withheld was $7000. Union dues were $500. FICA was withheld at the rate of 7.65%. f.. The payroll was divided as follows: direct labor.................55% {JOB 621--$6420, JOB 622--$8160, JOB 623--$18,420} indirect labor..............20% marketing salaries.......10% admin. salaries............15% g. Payroll taxes were recorded as follows: {13.85% is the total of the rates} fut.............. .8% sut.............. 5.4% fica............ 7.65% h. Factory overhead amounted to $5500. This included depreciation of $2000, $250 in expired insurance, and $3250 in unpaid bills. {hint.......no crediting expenses!} i. Factory overhead was applied at the rate of 80% of the direct labor charges of letter "f". {don't forget to do it by the job}. j. Jobs 621 and 622 were completed and transferred to finished goods. {this is a biggie...don't forget to add in the balances from last week!} k. Both jobs were shipped and sold at a 40% profit {2 entries!}
In 2004, Norma purchased 100 shares of XYZ stock as an investment. The stock cost $10,000. In 2009, when the fair market value was $12,000, Norma gave the stock to her daughter, Lydia. No gift tax was paid. If Lydia sells the stock for $13,000,..
a company borrowed 300000 cash from the bank by signing a five-year 8 installment note. the present value factor for an
when resisto systems inc. was formed the company was authorized to issue 5000 shares of 100 par value 8 percent
class there seems to be a lot of agreement that budgets should not be too aggressive in order to keep goals attainable.
Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the car for 2009.
one of the many changes in the business environment in current years that has had significant impact on cost management
during the year chester had the following transactions involving capital assets gain on the sale of an arrowhead
on may 1 2011 newby corp. issued 600000 9 5-year bonds at face value. the bonds were dated may 1 2011 and pay interest
List and describe four potential problems with a "traditional" overhead allocation system. List and describe four "red flags" that may indicate you should consider revising your overhead allocation system.
What are the two basic methods of accounting that may be used by taxpayers? How do the two basic methods differ?
How would the changes in net assets amount be impacted in the Water and Wastewater Enterprise Fund by the transaction summarized above?
a 30.0 ml aliquot of a manganese solution 12.5 mgml of manganese fw59.94 was added to a 100. ml volumetric flask and
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