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they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.
During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?
An S Corporation has total assets with an adjusted basis of $10,000 and FMV of $50,000. The sole shareholder of the S corporation is pondering retirement and approaches you to handle the liquidatio
Its beginning goods in process consisted of $60,830 of direct materials, $176,820 of direct labor, and $110,988 of factory overhead. During October
Prepare journal entries which accounts get credited and debited for 1/1/2007, 21/31/2007, 12/31/2008 and 12/31/2009. Show your work. (You can ignore depreciation entries.)
Prepare a new income statement for the year using variable costing.
Journalize the following entries on the books of the borrower and the creditor (i.e. 2 sets of entries are required). Label accordingly. (Assume a 360-day year is used for interest calculations.)
Pilgrim Corporation processes frozen turkeys. The company has not been pleased with its profit margin per product because it appears that the high value items have too few costs assigned to them, wh
In 2009, the corporation issued a 30% stock dividend to all common shareholders with an option of receiving either the stock or $30,000. Maxwell selected the stock. What is Maxwell's gross income fr
The company planned to work 100,000 direct labor hours and produce 20,000 units of product in 2014. Actual results for 2012 are as follows:
Identify the three common types of confirmations used by auditors. Indicate which type is most reliable and explain your answer. In addition, indicate which type is least reliable and explain your a
he had held the shares for 17 years. The agreement made no explicit allocation of any of the $600,000to Clyde's agreement not to compete against Red. How should Clyde treat the $600,000 payment on h
What two requirement would the board of directors have considered before making the dividend decisions?
Why do you think that this amount is not shown in a separate inventory account? In which of the accounts shown is the inventory likely to be? At what point will the inventory be transferred to a sep
Posey Corporation distributes land with a Fair Market Value of $20,000 and a basis of $12,000 to Brock, a shareholder. Posey's earnings and profits are $125,000. What must Brock report as income fro
What is the formula for calculating current ratio and acid test ratio after a transaction. For example, a Company has $1,000,000 of current assets, a current ratio of 1.8:1 and an acid test ratio of
A gift tax of $2,800 was paid by the aunt. Barbara sold the stock in the following year for $29,000. What is Barbara's basis in the property for the sale ?
Journalize the following entries on the books of winston co. for august 1, september 1, November 30,(360day year)
calculate the operating incomes for the mining and metals division for the 200,000 units of toldine transferred under the following transfer- pricing methods: (a) market price and (b) 110% of full m
In Vin del Mar, Chile, there are a dozen stores specializing in selling the same quality of seafood products on one street. An individual store dare not charge more than the going price without the
Prepare a report showing the clinic's revenue and spending variances for August. Label each variance as favorable (F) or unfavorable (U).
This resulted in a loss of $4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2008?
On May 1, 2007 Giltus Advertising Company received $1500 from Julie Bee for advertising services to be completed April 30, 2008. The cash receipt was recorded as unearned fees and at December 31, 200
The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional
a firm that sells a single product had a beginning inventory of 4000 units with a total cost of 28,000. early in the year, 10000 units were purchased at $9 each, using FIFO what is the value of the