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Most of David's clients are local. However, a few of his clients require out of town travel. He incurred $2,500 of airfare, $1,570 in lodging and $1,313 in meals relating to the business trips. In addition, David paid for $630 for business dinners with several prospective clients.
David also incurred the following business expenses during 2011.Contribution to Keogh plan $8,000Premiums on medical insurance for family (spouse and children) 4,500Premiums on disability insurance policy (AFLAC) 2,400Birthday gift for unpaid intern ($35 box of chocolates and $3 gift wrap) 38
Flying High Company manufactures model airplanes. During the month, it manufactured 10,000 airplanes. Each one used an average of 6.5 direct labor hours and an average of 1.5 sheet
how to post journal to ledger four coloumn
Inventory Management and Control Here the objectives of inventory management are as: 1. To ensure adequate stocks to permit for continuous production/operations, and
Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2014, Nieland
In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten
Erlander Company uses a job order cost accounting system. On November 1 2013, $15,000 of direct materials and $3,500 of indirect materials were requisitioned for production. Prepar
How the FIFO, LIFO and AW problems can be solved?
Shortflower Ltd currently publishes, prints and distributes a range of catalogues and instruction manuals. The management has now decided to discontinue printing and distribution a
Accrued income is an amount earned although not in reality received during the accounting period or till the date of preparation of last accounts for the period concerned. The firs
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