Year-to-date earnings for Reggie total $105,100 . The maximum earnings for Social Security is $106,800 . Current period earnings are $3,000 . The amount of current earnings subject to Social Security is
a. $105,100; b. $106,800;
c. $3,000; d. $1,700; e. none of these
D
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When production is completed on a job, finished goods are transferred to the ????????????????????????????????????????????? account
On the income statement, miscellaneous expenses are usually presented as the last item without regard to the dollar amount
Indicate whether the statement is true or false
Glendale Brands Company uses standard costs for its manufacturing division Standards specify 0.1 direct labor hours per unit of product. At the beginning of the year, the static budget for variable overhead costs included the following data:
Production volume 6,000 units Budgeted variable overhead costs $14,000 Budgeted direct labor hours (DLHr) 600 hours At the end of the year, actual data were as follows: Production volume 4,000 units Actual variable overhead costs $15,200 Actual direct labor hours (DLHr) 480 hours What is the variable overhead efficiency variance? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) $1,866 F B) $1,866 U C) $2,534 F D) $2,534 U
Petro Oil Refinery asks Quality Bank for a loan to increase its oil inventory. Quality requires Robin, Petro's president, sign a personal guaranty to pay the debt if Petro defaults. Meanwhile, to sell fifty barrels of refined oil to Slick Lubricants, Inc, Petro asks its outside accountant Tina to co-sign a credit application. ? Refer to Fact Pattern 25-1. If, after the loan agreement is signed,
Slick agrees to a higher rate of interest without telling Tina, then Tina is A) discharged from the agreement. B) liable at the higher rate of interest. C) liable at the lower rate of interest. D) liable for the principal only.