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Accounting

E6-5 Segregation of Duties

The following task are perfrmed by three employees, each of whom is capable of performing all of the tasks. Do not concern yourself with the time required to perform the tasks, but with the need to provide for segregation of duties. Assign the duties by using a check mark to indicate which employee should prform each task. Remem

Net pay/ vacation pay

27. The following totals for the month of June were taken from the payroll register of ABC Company: Salaries expense $13,000 Social security and Medicare Taxes withheld 975 Income Taxes withheld 2,600 Retirement Savings 500 The entry to record the payment of net pay would include a ________. debit to Salaries P

Income tax liability: replacement property in a sale of land

You have a client who is in possession of 1,000 acres of farm ground. The farm ground was purchased 10 years ago for $160,000, and is now worth $2,000,000. The client wishes to sell the farm ground and purchase an apartment building of approximately equal value to his farm ground. How would you suggest your client obtain the r

11. ABC company uses the estimate of sales method of accounting for uncollectible accounts. ABC estimates that 3% of all credit sales will be uncollectible. On January 1, 2005, the Allowance for Doubtful Accounts had a credit balance of $2,400. During 2005, ABC wrote-off accounts receivable totaling $1,800 and made credit sales of $100,000. After the adjusting entry, the December 31, 2005, balance in the Uncollectible Accounts Expense would be ________.

11. ABC company uses the estimate of sales method of accounting for uncollectible accounts. ABC estimates that 3% of all credit sales will be uncollectible. On January 1, 2005, the Allowance for Doubtful Accounts had a credit balance of $2,400. During 2005, ABC wrote-off accounts receivable totaling $1,800 and made credit sal

Uses the direct write-off method of accounting for uncollectible

9. The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be as follows: ________. debit Allowance for Doubtful Accounts; credit Accounts Receivable debit Sales Returns and Allowan

Busy Pig Company Two Products

Busy Pig company produces two products. Absorption costing for the products look like this: Product A Product B Direct materials 6000 40 000 Direct wages 10 000 20 000 Indirec

Portfolio Returns

Problem: Rate of Return if State Occurs State of Economy Probability of State of Econ Stock A Stock B Stock C Boom 0.30 0.30 0.45 0.33 Good

Bad Debt question

Hi! I need help calculating the net realizable value of A/R at 12/31/09, as well as preparing a balance sheet for the company. Current assets section of balance sheet for Company B: A/R - $63,000 Less: Allowance for bad debts - (9,000) $54,000 The company's accounting records revealed the following information fo

Accounting for Bad Debts issue

Here's the question: as of January 2009, the balance in Company A's Allowance for Bad Debts account was 9,720. During the year, a total of 23,900 of delinquent receivables was written off as bad debt. The balance in the Allowance for Bad Debt account at December 31, 2009 was 10,480. a. What was the total amount of bad debts

Public Accounting: Assurance and User Expectations

Why is public accounting often viewed as a guarantor of results or even as a provider of assurance that one's investment is of high quality? To what extent is the user expectations of public accounting profession appear to be unwarranted?

Analysis of income effects from eliminating departments

See pdf file. Exercise 10-7: Analysis of income effects from eliminating departments L.O. C1, A1 Dept. M Dept. N Dept. O Dept. P Dept. T Sales $63,000 $ 35,000 $56,000 $42,000 $ 28,000 Expenses Avoidable 9,800 36,400 22,400 14,000 37,800 Unavoidable 51,800 12,600 4,200 29,400 9,800 Total expenses 61,600 49,000 26,600 43

Fixed, Total Variable and Total Costs

1. A firm has fixed costs of $60 and variable costs as indicated in the table. a. Graph total fixed cost, total variable cost, and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves. b. Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each

GDP, CPI and Elasticity of Goods

1. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Year Nominal GDP Billions, Price Index (1996 = 100) Real GDP, Billions 1960 $ 527.4 22.19 $____ 1968 911.5 26.2

Taxable income for an individual is defined as

Please some help with the attached questions. Would be greatly appreciated. Multiple Choice 1. Taxable income for an individual is defined as: a. AGI reduced by itemized deductions. b. AGI reduced by personal and dependency exemptions. c. total income reduced by deductions for AGI. d. AGI reduced b

Contribution margin

Why would the vice president of a company who receives an annual bonus based on profitability of the company want you to create a income statement that classified startup costs, research costs and development costs as a product costs? What are the ethical considerations of reporting startup costs as product costs? As a cor

Predetermined Overhead Rate and Under Applied Overhead

Case 1 ("Predetermined Rate") Hoy Heating and Air Conditioning Company repairs heating and cooling equipment. Each time a service technician completes a job, a time sheet is turned in and the job cost is computed. The company calculates the cost of each job by adding the cost of any materials used on the job, the labor cost o

Manufacturing Overhead

Is it true or false statement? Including manufacturing overhead costs in product costs ensures that each product will earn a profit.

High-Low method Cost Formula

Johnson Company has observed that at an activity level of 5,000 units the cost for maintenance is $6,500 and at 10,000 units the cost for maintenance is $9,000. Using the high-low method, the cost formula for maintenance is $4,000 plus $.50 per unit $3,000 plus $.60 per unit $.90 per unit $1.30 per unit

Contribution Margin

Cranbrook Company has the following data for the month of March: Sales.......................................................... $30,000 Fixed manufacturing overhead................. $5,500 Direct labor................................................ $7,250 Fixed selling expense......................

Manufacturing Overhead

Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table? The amount paid to the individual who stains the table. The commission paid to the salesperson who sold the table. The cost of glue used in the table. The cost of the wood used in the table. I

Individual Form 1040 for 2005

I:4-60 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for 2005: 1) Received a $20,000 salary from her employer, who withheld $3,000 federal income tax. 2) Received a gift