Net income $40‚000 Z‚ a 50 percent owner‚ performs services for the business. Z’s self-employment income from the corporation‚ which is subject to self-employment tax‚ is a. $0 b. $18‚000 c. $41‚500 d. $23‚500 e. $38‚000 29. a. Shareholders do not have self-employment income from profits or employment by S (or C) corporation. Their salaries are subject to FICA. (See p. 23-13.) 31. Z owns five of an S corporation’s 100 shares of common stock outstanding. After holding the stock 73 days
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Math to me is very important because math is required in my major which is computer science. Also math is used in mostly every subject because it is a major aspect and needed necessity for our world today. Earth revolves around math because without it we would be really lost in the world. Math is the most important subject to me because it balances everything out and organizes everything. Also math helps all of the other subjects become a lot of simpler. Kids are starting to learn math at a very
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To: From: Subject: Case S2-1 assignment Date: Memo I watched How It’s Made and chose to tell you about artificial limbs. Job order costing is appropriate to use since artificial limbs are specially made for certain people of all different shapes‚ sizes and colors so each limb is unique. This company would need a cost system because there are many different steps needed to create the limb. A manager would need to decide how much each individual person who spent time making the limb would
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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choosing a major some people already know by the age of 7 what they want to become? a pilot or a nurse ; however‚ it gets more difficult deciding what they want to do with their future. people who decided to go to a university or a college have to make an important choice: what major are they going into ? for many people this is a very difficult question As the statistics show‚ one out of five students change their major between admission and the first day of classes. Nearly 3 out of 4 change
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Sullivan ENGL 0309 10 March 24‚ 2013 College Major Choosing a college major is not as easy as it sounds. There is a process future students should choose‚ or not choose‚ to follow. By following this process this student is more than likely going to find a major suit for them. Selecting a major that interest you is very important. A student should base this on their interests‚ personality‚ skills‚ and values. Normally what someone majors in is something they enjoy doing. Most of the time
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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References: Warren‚ C.‚ Reeve‚ J.‚ and Duchac‚ J (2007). Accounting. 23rd ed South-Western‚ cengage learning in thousands except share data | January 3‚ 2009 | December 29‚ in thousands except share data | December 29‚ 2007 | December30‚
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Chapter 8 Activity-Based Costing: A Tool to Aid Decision Making Solutions to Questions 8-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing‚ nonmanufacturing as well as manufacturing costs may be assigned to products. And‚ some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools‚ each of which has its
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Scoring level | The depth and quality of the research undertaken by you | The application of the research to the WIL task | The ability to apply appropriate accounting theories to the context of the task | The ability to synthesise information into a coherent and engaging report | The ability to correctly acknowledge sources using the Harvard Referencing system | Score | | 8 marks | 6 marks | 6 marks | 6 marks | 4 marks | | 4- AccomplishedHigh Distinction | * Materials referred to are
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