What were the trend percentage for year
Phoenix Company reported sales of $430,000 for Year 1, $480,000 for Year 2, and $530,000 for Year 3. Using Year 1 as the base year, what were the trend percentage for Year 2 and Year 3?
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Assume that the replacement cost of each unit on Dec. 31 is $105.25. Using the lower cost or market rule, find the inventory amount under each of the methods given in instruction 1.
Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $168,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles.
Kelm Company purchased a new machine on October 1, 2010, at a cost of $120,000.The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life.
Hancock Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Hancock estimated total overhead of $299,600; materials of $404,000 and direct labor of $214,000.
In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected.
Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $4,930,000 (170,000 hours at $29/hour) and that factory overhead would be $1,410,000 for the current period.
Buster Container Company is suffering declining sales of its principal product, nonbiodegradeable plastic cartons. The president, Dennis Harwood, instructs his controller.
Describe & explain three characteristics of payroll related taxes that make accounting for them so time consuming for a business (at least one of your topics should involve state income taxes).
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