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At december 31 2009 assets is $400,000.00 liabilities $250,000.00 and drawings $15,000.00. what is the net income or loss?
Panther co. had a warranty liability of $350,000 at the beginning of 2011, and $310,000 at the end of 2011. Warranty expense is based on 4% of sales, which were $50 million for the year. What were t
Aaron is a single taxpayer reporting $90,000 of gross income. In addition, Aaron receives $5,000 of tax-exempt interest. The Stadard deduction is $5,450 and the personal exemption is $3,500.
You believe the shop needs a more experienced salesperson and that the building need new paint and awnings. how might the information delivered by the accountant affect your decisions and course of
Ortiz Company's sales budget projects unit sales of part 198Z of 10,000 units in January, 12,000 units in February, and 13,000 units in March. Each unit of part 198Z requires 2 pounds of materials
Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2011, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at th
As a tax planner, what advice do you have for Mary Lou? Is there a way to structure the payments to minimize Mary Lou's Income tax?
What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given pe
The January 1, 2011, inventory of DH-240is 2,500 units. Management desires an ending inventory each quarter equal to 50% of the next quarter's sales. Sales in the first quarter of 2012 are expected
Prepare the service revenue (sales) budget for 2011 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
Prepare a contribution margin income statement for the company
If Gilkey's ending retained earnings was $165,000, what was the company's revenue for the year?
prepare a flexible factory overhead cost budget for the Press Department for March for 8,000, 10,000,and 12,000hours of production.
She has not other gains or losses for the yar. She has asked you to estimate the tax consequences of selling the stock.
Mikey is a self-employed computer game software designer. He takes a week-long trip to Maui, primarily for business. He takes two personal days at the beach. How should he treat the expenses related
In determining Purple Corporation's current E&P for 2010, how should taxable income be adjusted as a result of the following transactions?
How are the home office expenses treated on her current year tax return?
What income tax form does a self-employed sole proprietor usually use to report income and expense form business?
Both the NPV method and the IRR method are considered financially sophisticated. Why would one be preferred to the other? Is your answer influenced by the audience, application, etc.? Think in terms
Gary is a self-employed accountant who pays 2000 for business meals. How much of a deduction can he claim for the meals and where should the deduction be claimed?
The market value per share of Wallace stock is $63 on May 25, $66 on June 15, and $68 on July 31. The net effect of this property dividend on retained earnings is a reduction of ??
Barry is a self-employed attorney who travels to New York on a business trip during 2009. Barry's expenses were as follows:
Assuming that charles itemized his deductions, how much of these expenses should he deduct on his 2009 schedule A (before the 2% of adjusted gross income limitation)?
For 2010 Stoneland Corporation reported net income $26,000; net sales $400,000; and average shares outstanding 6,000. There were preferred stock dividends of $2,000. What was the 2010 earnings per s
In the current year, Johnice started a profitable bookkeeping business as a sole proprietor. Johnice made $38,000 in her first year of operation. What two forms must Johnice file for her business?