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The distribution consisted of (1) inventory with a basis of $15,000 and a fair market value of $13,000, and (2) land with a basis of 5000 and fair market value of $20,000. What are Amy's bases in th
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses
Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding. What would be Misty's income before extraordinary item(s)?
Assuming that the long-term tax-exempt rate is 5%, what is the maximum amount Soft should be willing to pay Hard for its NOL, if Soft uses a 10% discount factor (which is 6.145) for this decision?
If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.
When the incremental revenues and expenses are analyzed, what is the financial impact?
If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1?
Duradyne, Inc. has total costs of $18,000 when 2,000 units are produced and $26,000 when 5,200 units are produced. During March, 4,000 units were produced and sold for $8 each. What is the variable
These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:
How much are equivalent units in The Blending Department's work in process inventory at the end of the period?
During 2011, Magus Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000
Direct fixed costs are $90,000 in the downtown store and $93,000 in the campus location. How much are total variable costs?
BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows:
Collegebooks Company has two locations, downtown and on campus. During March, the company reported net income of $164,000 and sales of $1.2 million. The contribution margin in the downtown store was
If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?
Each steak dinner sells for $14.00 each. What is the budgeted total variable cost?
The contribution margin in the downtown store was $320,000 (32% of sales). The contribution margin in the campus store is $110,000. Direct fixed costs are $90,000 in the downtown store and $93,000 i
The activity variance for vehicle operating cost in November would be closest to
The actual vehicle operating cost for the month was $8,730. The activity variance for vehicle operating cost in November would be closest to:
Set up a T-account for Factory Overhead and enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate.
A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder. (a.) What is the company's recognized gain or loss on the sale?
A company has taxable income of $1,760 with a tax rate of 38 percent. Owners equity is: $400 in stock, $200 in capital surplus, and $200 in retained earnings. What is the return on equity (ROE)?
December 31 - The business recorded a net income of $24 000, and Brady had a debit balance of $16 000 in his drawings account. Show the entry to allocate the net income to the partners' capital acco
Castil Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 2.6 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as foll
Jeremiah has contacted you regarding the effect, if any, of the proposed consulting engagement on the tax treatment of his earlier stock redemption. Prepare a letter to Jeremiah and a memo for the f