Sue's 2019 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year?
A. $29,480
B. $25,127
C. $30,000
D. None of the above
Answer: C
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The GAAP solution for avoiding distortions that would result from setting income tax expense equal to taxes owed is called:
A. interperiod tax allocation. B. intraperiod book allocation of income. C. book income allocation. D. intraperiod tax allocation.
A producer of bananas would probably utilize one price and one distribution system for the bananas. This is called the _________________________ approach to the marketing mix.
Fill in the blank(s) with the appropriate word(s).
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials$6,000Direct labor$20,000Rent on factory building$15,000Sales salaries$25,000Depreciation on factory equipment$8,000Indirect labor$12,000Production supervisor's salary$15,000 Jameson estimates that 20,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be:
A. $2.50 per direct labor-hour B. $4.00 per direct labor-hour C. $2.79 per direct labor-hour D. $3.00 per direct labor-hour
Qu Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 900 Materials costs$9,800 Conversion costs$9,200 Percent complete with respect to materials 55%Percent complete with respect to conversion 30%Units started into production during the month 8,400 Materials costs added during the month$130,400 Conversion costs added during the month$220,600 Ending work in process inventory: Units in ending work in process inventory 2,200 Percent complete with respect to materials 65%Percent complete with respect to conversion$25% The cost per equivalent unit for conversion costs for the
first department for the month is closest to: A. $31.38 B. $34.07 C. $29.89 D. $31.07