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A review of Parrish Corporation's accounting records found that at a volume of 90,000 units, the variable and fixed cost per unit amounted to $8 and $4, respectively. On the basis of this informatio
You are in the initial stages of planning the audit and have decided to start gathering information about the Sales/Collection Cycle of the business. List below the classes of transactions that you
On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012, she sold 48 shares, which could not be sp
In 2012, OK Company had a net loss of $82,000 from operations. Jane owns OK Company and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 35% m
What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave?
Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how t
Under the two-percent-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions?
Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totalin
1. Record the two transaction for Bill Law firm. include an explanation for each transaction.
The Grand Hotel of Jonesville, Kentucky, purchased 200 chairs from Holton Furniture, whose business is in Minnesota. The purchase order included the following term: "F.O.B. Minneapolis, MN." The con
Marco Manufacturing contracted to sell Kurtz Industries 3,000 iron clasps. The contract specified: F.O.B. Kurtz Industries. Upon arrival and inspection, the goods were rejected by Kurtz Industries b
George's Grocery orders two dozen live lobsters from Sea Food Flyers. George's is to keep the lobsters happy by keeping them in a tank following certain instructions to keep the water at the right
Bernie's stereo has been damaged when his niece spilled some juice on it. He takes it to High Fidelity Co. to be fixed. Five days later, when he returns to the store to pick it up, he finds out that
On impulse, you purchase a travel trailer and ask your acquaintance, Max, if you can leave the trailer at the edge of his restaurant's parking lot until you can have a concrete pad built to store th
Label Corp. recorded sales of $2,235,245. The company's breakeven is $1,650,000 and margin of safety is 27%. What sales are needed to increase Label Corp.'s margin of safety ratio to 38%?
Wadjase Corp prepared a master budget that included $17,800 for direct materials, $28,000 for direct labor, $15,000 for variable overhead, and $38,700 for fixed overhead. Wadjase Corp planned to sel
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount
Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using
a) Determine what type of lease this would be for the lessee and calculate the initial obligation.
Prepare a report for Kate, explaining the step approach to the calculation of NCI and the effects of the approach in the years after acquisition date.
The Rite-Way Plumbing Co. began business March 1, 2007 in Sarasota. Its business address is 124 Division Lane, Sarasota, FL 33645. Its employer identification number is 69-3456789. Its principal bus
Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30% and 50% respectively. The net income for th
Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Animal, Inc. in the first year of the asset's life?
Amazing Glory, Inc. recognized a net income of $95,000 including $20,500 in depreciation expense. Compute the net cash from operating activities based on the above information.
Which of the following statements with respect to the depreciation of real property under MACRS is correct?