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Fungus Audio Works Inc. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $680,000 for January. In February, a customer received warranty repairs requiring $4,200 of parts.a. Determine the warranty liability at January 31, the end of the first month of the current year.b. What accounts are decreased for the warranty work provided in February?According to a summary of the payroll of Apline Publishing Co., $460,000 was subject to the 7.5% FICA tax. Also, $39,000 was subject to state and federal unemployment taxes.a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Compute production cost per unit under absorption costing.
Discuss the ethical implications of the IRS using social media networks to help identify tax returns for audit. Take a position on the whether or not the ethical implications identified above outweigh the benefits of seeking out targeted people to..
On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. What was the balance in the investment account before the shares were sold?
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,00..
In the current year, Louise invests $50,000 for a 10% interest in a passive activity. Her share of the loss this year is $10,000. If this is her only passive activity, the $10,000 loss is suspended for use in a future year.
Poster mistakenly accounted for the investment in Elliott using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,300 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit?
Production: 12,000 units finished and transferred out: 3,000 units started that are 100% complete as to materials and 40% complete as to conversion costs. Manufacturing costs: Materials $36,000; labor $30,000; overhead $ 37,320. Prepare a producti..
Brill Company's July sales budget calls for sales of $800,000. The store expects to begin July with $30,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically 40% of sales. Determine the budgeted cost of merchan..
Wheeler Corporation had retained earnings of December 31, 2008 of $ 12 million. During 2009, Wheeler's net income was $ 4 million. The retained earnings balance at the end of 2009 was equal to $ 13 million. Therefore, _________
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
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