South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 5, Problem 33P
a.
To determine
Determine the amount to be included in the gross income of S because of the scholarship received.
b.
To determine
Determine the effect of scholarship on the gross income of W and his father.
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Fairfield Company's payroll costs for the most recent month are summarized here:
Item
Hourly labor unges
Description
920 hours $27 per hour
190 hours for Job 101
340 hours for Job 102
Factory supervision
Production engineer
Factory Janitorial work
Selling, general, and
administrative salaries
Total payroll costs
Required:
390 hours for Job 103
Total Cost
$ 5,130
9,180
10,530
$ 24,840
4,350
7,100
1,200
8,800
$ 46,298
1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturing
overhead to products at a predetermined rate of $54 per direct labor hour
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
A
B
Record Fairfield Company's payroll costs to be paid at a later date.
Note Enter debits before credits.
S.No Date
1
Account Title
Debit
Credit
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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?
Chapter 5 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Holly was injured while working in a factory and...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Ted works for Azure Motors, an automobile...Ch. 5 - Prob. 12DQCh. 5 - Eagle Life Insurance Company pays its employees...Ch. 5 - Several of Egret Companys employees have asked the...Ch. 5 - Prob. 15DQCh. 5 - Tammy, a resident of Virginia, is considering...Ch. 5 - Andrea entered into a 529 qualified tuition...Ch. 5 - Prob. 18DQCh. 5 - Prob. 19DQCh. 5 - Prob. 20CECh. 5 - Prob. 21CECh. 5 - Ellie purchases an insurance policy on her life...Ch. 5 - Prob. 23CECh. 5 - Leland pays premiums of 5,000 for an insurance...Ch. 5 - Jarrod receives a scholarship of 18,500 from...Ch. 5 - Prob. 26CECh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - LO.2 Leigh sued an overzealous bill collector and...Ch. 5 - LO.2 Determine the effect on gross income in each...Ch. 5 - Prob. 37PCh. 5 - Prob. 38PCh. 5 - Prob. 39PCh. 5 - Prob. 40PCh. 5 - Prob. 41PCh. 5 - LO.2 Does the taxpayer recognize gross income in...Ch. 5 - Prob. 43PCh. 5 - Prob. 44PCh. 5 - Prob. 45PCh. 5 - LO.2, 5 Rosas employer has instituted a flexible...Ch. 5 - Prob. 47PCh. 5 - Prob. 48PCh. 5 - Prob. 49PCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56PCh. 5 - Prob. 57PCh. 5 - Prob. 59CPCh. 5 - Prob. 1RPCh. 5 - Prob. 2RPCh. 5 - Prob. 3RPCh. 5 - Prob. 4RPCh. 5 - Prob. 1CPACh. 5 - Linda is an employee of JRH Corporation. Which of...Ch. 5 - Kim was seriously injured at her job. As a result...Ch. 5 - Danny received the following interest and dividend...Ch. 5 - Prob. 5CPA
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- The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/25 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,700 Factory Machinery Depreciation 17,100 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/24 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/25 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash 39,200 SPLISH BROTHERS COMPANY Income Statement (Partial) $arrow_forwardNo AIarrow_forwardL.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7.In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume that a pair of 8" Bean Boots are ordered on December 3, 2015. The order price is $109. The sales tax rate in the state in which the boots are order is 7%. L.L. Bean ships the boots on January 29, 2016. Assume same-day shipping for the sake of simplicity. On what day would L.L. Bean recognize the…arrow_forward
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