Carter lumber sells lumber and general building supplies to building contractors in a medium-sized town in montana. data regarding the store's operations follow: o sales are budgeted at $412,000 for november, $422,000 for december, and $432,000 for january. o collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. o the cost of goods sold is 70% of sales. o the company desires to have an ending merchandise inventory equal to 80% of the following month's cost of goods sold. payment for merchandise is made in the month following the purchase. o other monthly expenses to be paid in cash are $22,500. o monthly depreciation is $28,900. o ignore taxes. balance sheet october 31 assets cash $ 20,300 accounts receivable, net of allowance for uncollectible accounts 102,600 inventory 210,000 property, plant and equipment, net of $513,000 accumulated depreciation 1,026,000 total assets $1,358,900 liabilities and stockholders' equity accounts payable $ 305,000 common stock 780,000 retained earnings 273,900 total liabilities and stockholders' equity $1,358,900 the accounts receivable balance, net of uncollectible accounts, at the end of december would be

Problem 2-18 job-order costing for a service company [lo2-1, lo2-2, lo2-3]speedy auto repairs uses a job-order costing system. the company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 10,000fixed overhead cost $ 90,000variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate.2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 600direct labor cost $ 180direct labor-hours used 2 compute mr. wilkes' total job cost. 3. if speedy establishes its selling prices using a markup percentage of 30% of its total job cost, then how much would it have charged mr. wilkes?

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.