Entries for materials genx furnishings company manufactures designer furniture. genx furnishings uses a job order cost system. balances on june 1 from the materials ledger are as follows: fabric $40,500 polyester filling 28,600 lumber 62,400 glue 6,550 the materials purchased during june are summarized from the receiving reports as follows: fabric $440,000 polyester filling 180,000 lumber 360,000 glue 40,000 materials were requisitioned to individual jobs as follows: fabric polyester filling lumber glue total job 601 $205,000 $75,000 $120,000 $400,000 job 602 110,000 36,000 88,000 234,000 job 603 130,000 55,000 125,000 310,000 factory overhead-indirect materials $34,800 34,800 total $445,000 $166,000 $333,000 $34,800 $978,800 the glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. journalize the entry to record the purchase of materials in june.

Exercise 4-6 the following balances were taken from the books of alonzo corp. on december 31, 2017. interest revenue $86,000 accumulated depreciation—equipment $40,000 cash 51,000 accumulated depreciation—buildings 28,000 sales revenue 1,380,000 notes receivable 155,000 accounts receivable 150,000 selling expenses 194,000 prepaid insurance 20,000 accounts payable 170,000 sales returns and allowances 150,000 bonds payable 100,000 allowance for doubtful accounts 7,000 administrative and general expenses 97,000 sales discounts 45,000 accrued liabilities 32,000 land 100,000 interest expense 60,000 equipment 200,000 notes payable 100,000 buildings 140,000 loss from earthquake damage 150,000 cost of goods sold 621,000 common stock 500,000 retained earnings 21,000 assume the total effective tax rate on all items is 34%. prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (round earnings per share to 2 decimal places, e.g. 1.48.)

The larger the investment you make, the easier it will be to: get money from other sources. guarantee cash flow. buy insurance. streamline your products.

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?