Bravo Zulu is an employee of Alpha Company. Alpha Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes for this problem are 6% and Medicare taxes are 1.5%. The federal unemployment tax rate is 1.2% […]
The following is the Bravo Unlimited adjusted Trial Balance. TITLE DEBIT CREDIT Cash $88,450 Accounts Receivable 331,860 Supplies 11,255 Prepaid Rent 5,500 Accumulated Deprec. 236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 898,105 Interest Income 1,500 Rent Expense 66,000 Wages Expense 537,260 Supplies Expense 42,520 Utilities Expense 8,595 […]
Selected information from Jimmy Lean Hotdog Corporation’s accounting records and financial statements for 2006 is as follows (amounts in millions): Cash paid to acquire equipment $18 Treasury stock purchased for cash 25 Proceeds from sale of land and buildings 45 Gain from the sale of land and buildings 26 Investment revenue received 33 Cash paid […]
During 2017, Rand Inc. discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2016: $40,000 understated 2017 : $50,000 overstated Rand uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Assume that there weren’t any adjustments made […]
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