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Job 412 was one of the many jobs started and completed during the year. The job required $9,000 in direct materials and 40 hours of direct labor time at a total direct labor cost of $9,900. If the job contained four units and the company billed at 60% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer?
One way to avoid part of this: Use an S corporation, and don't pay yourself too much. Maybe pay yourself $50,000, and take the other $40,000 as a pass-through profit from your S corp. It will not be subject to the FICA tax, saving 15.3% of the tax..
Evaluate the restatement in terms of management's ethical violations according to the requirements of the Sarbanes-Oxley Act, providing recommendations to management on how to avoid these problems in the future.
First Business Bank charges a 3.5% service charge for credit card sales. Prepare entry on Ritz Company's books to record the sale of merchandise.
Ways in which creative accounting activities are exercised in financial reporting and the extent to which the responses of UK and US legislators and standard setters have succeeded in minimising the scope for such activities.
Redstone Company has gathered the following total cost info for the year ended December 31, 2012. There was no beginning or ending inventories. The company produced and sold 10,000 units.
Fundamental question on accounting for corporations - Preferred Stock and Paid-in Capital in Excess of Par Value-Preferred Stock
1. Identify and define the two alternatives for measuring (valuing) assets.
Restrictions of retained earnings may result from each of the following except: Tina Corporation issued 4,000 shares of $10 par value common stock in exchange for a truck. The truck had a fair market value of $65,000. The entry to record this transac..
JKL Co. acquired 25% of the 500,000 shares of outstanding common stock of XYZ Inc. on December 31, 2014. The purchase price was $3,600,000. XYZ declared and paid $1.20 per share cash dividends on June 18, 2015, and on November 29, 2015. At what amoun..
Discuss the current operating performance concept of income and the all-inclusive concept of income. Is comprehensive income consistent with either of the two? Discuss why or why not.
On April 1 Ivy Corp began operating a service company with an initial cash investment by shareholders of $1,000,000. The company provided $3,200,000 of services in April and received full payment in May. Ivy also incurred expenses of $1,500,000 in Ap..
Prepare a journal entry to record the acquisition of the copyright. Compute and record the 2010 amortization expense for the copyright.
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