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Compute the revenue recognized, construction costs expensed, and income earned for each year using the percentage of completion method.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
The following department data are available: What is the total manufacturing cost per unit?
Anna Greer, a CPA in public practice, contacts Blake Sawyers, an employee of Jackson & Jackson, LLP, and makes him an offer of employment without first notifying Jackson & Jackson, LLP. Acco
Calculate the amount of realized gross profit on installment sales and deferred gross profit to be reported in the year end financial statements of Locken Corporation for the three years noted.
Bill transferred property worth $75,000 and services worth $25,000 to the X corporation. In exchange, he received stock in X valued at $100,000. Immediately after the exchange, Bill owned 80% of the
Corporation Y has taxable income of $80,000 for the current year. What is corporation Y's income tax liability if the controlled group's total taxable income is $97,000?
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000.
Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this se
Tax Inc.'s liabilities at the end of 2004 included $100,000 of accounts payable, $150,000 of mortgages payable, and a $20,000 note owned to Bill. Each owner has a $40,000 adjusted basis for his stoc
The IBM stock had a $5,000 basis on M corporation's books. Bill transfers $50,000 in cash for 15% of the M corporation common stock. What amount of gain is recognized by Tony and M corporation on th
There was no business purpose for Crow Corporation acquiring the land on April 12, 2009. As a result of the distribution what amount of Loss may Crow Corporation recognize on the distribution of the
Two days before the ex-dividend date, A corporation buys 100 shares of B corporation stock(a less than 1% interest)for $200,000. A corporation receives $10,000 of dividends from B corporation. Two w
Yates Realty is in the business of renting several apartment buildings and prepares monthly financial statements.
Exeter International owns a foreign subsidiary, Albo Corporation. Exeter formed Albo to manufacture insulation on its behalf, and imports the good
In year four, Jackpot had reorganized under a new owner and paid all of its old debts, including the $30,000 owed Windjammer. How does Windjammer treat these events?
All of us pay for the costs associated with the budget system. Write a one-half page report to a local not-for-profit organization or government agency offering a solution to the use it or lose it b
accounts receivable are $5000; the amount estimated to be uncollectible is 3% of sales for the month; sale for the month were $43,000; and the balance in the allowance for uncollectible accounts is
Does Mary Beth's proposal present an ethical dilemma?
CalCount provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly sala
Pittmon Corporation is developing direct labor standards. The basic direct labor wage rate is $13.90 per hour. Employment taxes are 10% of the basic wage rate. Fringe benefits are $4.28 per hour. A
Explain how you would decide whether to record each of the following expenditures as an asset or an expense. Assume all items are material.
Jurassic Manufacturers produces flooring material. Fixed costs are $5,000 per month. Sales price for one unit of product is $50, and the variable cost per unit is $30. If Jurassic wishes to earn an
Enny was reviewing the water bill for her doggy day spa and determined that her highest bill, $1,700, occurred in July when she washed 800 dogs and her lowest bill, $900, occurred in November when s
B Company has fixed costs of $300,000. Total costs, both fixed and variable, are $378,000 when 40,000 units are produced. How much is the variable cost per unit? (Please round to the nearest cent.)