Journalize the following entries. Dec. 1 Purchased raw materials from Sheffield Supply Company on account for $53,100.
Dec. 2 Issued $40,400 of direct materials from the companyâs inventory to jobs other than K52 and J57 and $3,000 of indirect materials.
Dec. 12 Paid Waterwaysâ factory salaries and wages for $65,100.
Dec. 13 Paid the factoryâs water bill of $8,900.
Dec. 18 Transferred $50,500 of costs from other completed jobs to finished goods.
Dec. 21 Paid the factoryâs electric bill of $12,000 for Waterwaysâ factory.
Dec. 31 Made adjusting entries forth factory that included accrued property taxes of $11,900, prepaid insurance of $8,700, and accumulated depreciation of $15,900.

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

Alinguist had a gross income of 53,350 last year. if 17.9% of his income got witheld for federal income tax, how much of the linguist's pay got witheld for federal income tax last year?

Carlton industries is considering a new project that they plan to price at $74.00 per unit. the variable costs are estimated at $39.22 per unit and total fixed costs are estimated at $12,085. the initial investment required is $8,000 and the project has an estimated life of 4 years. the firm requires a return of 8 percent. ignore the effect of taxes. what is the degree of operating leverage at the financial break-even level of output?