Doyle Watson works for Clear Pencil Accounting, which pays employees on a semi-monthly basis. Doyle’s annual salary is $210,000. Calculate the following:
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Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building being depreciated over 5 years is estimated to be $10,000 per year. The building was purchased at the beginning of the prior
year for $50,000. 3.A one-year insurance policy was purchased for $4,800. Five months have passed since the purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. Which of the following statements is correct regarding the building? A) The adjusting entry to record depreciation will include a credit to Accumulated Depreciation - Building $10,000. B) The book value of the building at the end of the current year is $30,000. C) The Accumulated Depreciation - Building account will have a balance of $20,000 at the end of the current year. D) All of these choices.
What are the most common tendencies in self-categorization?
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Landoni Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. The standards for direct materials for the company's only product specify 2.7 kilos per unit at $5.00 per kilo or $13.50 per unit. During the year, the company purchased 75,200 kilos of raw material at a price of $4.90 per kilo and used 69,290 kilos of the raw material to produce 25,700 units of work in process.Assume that all transactions are recorded on a worksheet as shown in the text. On the left-hand side of the equals sign in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net). All of the variance columns are on the right-hand-side of the equals sign along with the column
for Retained Earnings.When recording the raw materials purchases, the Raw Materials inventory account will increase (decrease) by: A. ($376,000) B. $376,000 C. ($368,480) D. $368,480
Which of the following is TRUE regarding an open price term?
a. It makes the contract unenforceable. b. The price may be fixed by the seller. c. The price is the "reasonable" price at the time of delivery. d. The price is set by the buyer.