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Under state law, Acme may pay 3% of eligible gross wages or it may reimburse the state directly for actual unemployment claims. Acme believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first $10,000 of gross wages paid to each employee.
Acme had five employees, each of whom earned $20,000 during 2011. In its December 31, 2011 balance sheet, what amount should Acme report as accrued liability for unemployment claims?
To write-off an AR account between afilliates, the journal entry, before consolidating, in the books of the company carrying the accounts receivable, would be debit to retained earnings as well as credit to accounts receivable? If not, what would ..
I have 200 maintenance service outlets, we provide two lines of service: oil chnage, and brake repair. Our oil change related services present 70% of its sale and provide a contribution margin ratio of 20%. Brake repair represent 30% of its sales and..
On June 1, Williams Book Company sold Best Bookstore $4,300 of books for cash. During the month, Best Bookstore returned books costing $500 to Williams for a cash refund. In the same month, Best sold the remaining books to their customers for a total..
An electric utility is considering a new power plant in northern Arizona. Power from the plant would be sold in the Phoenix area, where it is badly needed. Because the firm has received a permit, the plant would be legal; but it would cause some air ..
During the year ended December 31, 2016, Jones Inc. received $110,000 cash from customers. The company began the year with a balance in Accounts Receivable of $15,000, all of which was received in 2016. At the end of the year, customers owed Jones In..
The analysis of mixed costs into their variable and fixed components is necessary in order to:
Journalize the September transactions for Reid Supply and prepare in journal form the adjusting entries for the seven items listed fro Ben Cartwright Pest Control.
In the city of Providence, typically which branch of the city level of government structure is responsible for managing the city’s expenditures within the budget and maintaining the accounting, budget, and financial reporting systems? What financial ..
(Impairment) Assume the same information as E11-16, except that Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000. Prepare the journal entry (if any) to record the impairment of th..
The Roadside Inn borrowed $100,000 for two years at an annual interest rate of 10% from a bank that required a $20,000 compensating balance. What was the effective interest rate for the loan?
Susan is a lawyer who operates her business as a sole proprietorship. During 2014 she receives $300,000 for her legal services. Of the amount collected, $50,000 was for services provided in 2013. Calculate Susan’s income using the cash basis method o..
Tower Cover Company provided the following information concerning two products: Compute the contribution margin per unit of limited resource for each product. Which product should Tower tell its sales personnel to push to customers?
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