Hark Enterprises in Taft, Wyoming, has six employees who are paid semi-monthly. Calculate the net pay from the information provided below for the August 15 pay date. Assume that all wages are subject to Social Security tax and the cafeteria plan is qualified. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding.
What will be an ideal response?
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It is important for the CPA to consider the competence of the entity's employees because their competence bears directly and importantly upon the:
A. timing of the tests to be performed. B. comparison of recorded accountability with assets. C. achievement of the objectives of the system of internal control. D. cost/benefit relationship of the system of internal control.
Aurora Corporation produces outdoor security lighting products. All products go through three processes before completion. Use the expected overhead costs and related data shown below to compute departmental overhead rates based on machine hours in Department A1A; based on direct labor hours in Department B2B; and machine hours in Department C3C. Department A1ADepartment B2BDepartment C3CDirect labor hours 90,000DLH 80,000DLH 72,000DLHMachine hours 54,000MH 32,000MH 54,000MHManufacturing overhead costs$540,000 $160,000 $216,000
A. Dept. A: $10 per MH; Dept B: $5 per DLH; Dept C: $4 per MH. B. Dept. A: $10 per MH; Dept B: $2 per DLH; Dept C: $3 per MH. C. Dept. A: $10 per MH; Dept B: $2 per DLH; Dept C: $4 per MH. D. Dept. A: $6 per MH; Dept B: $5 per DLH; Dept C: $4 per MH. E. Dept. A: $6 per MH; Dept B: $5 per DLH; Dept C: $3 per MH.
Cycle inventory is primarily held to take advantage of economies of scale and reduce profit within the supply chain
Indicate whether the statement is true or false.
A patent gives the holder a temporary
a. profit. b. oligopoly. c. monopoly. d. specification.