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The company actually worked 5,090 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 5,200 machine-hours. What was the variable overhead efficiency
From the perspective of an accountant, what are your priorities about the accounting information system performance? How are these priorities related to the accounting internal control, the system c
Assume that the City of Pasco maintains its books and records in a manner that facilities preparation of the fund financial statements. The Cit engaged in the following transactions related to its g
Can you find some middle ground in this debate that would show that both business people and those who work for non-profit organizations contribute to society and need to work together more closely
Is Tammy or her boss correct about the relevance of the Theory of Constraints to the bookstore's operations? Explain.
During 2003, Webb sold Rand for $2,400,000 goods that cost $1,900,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand.
In the consolidated income statement of Croton Corp and its 84%-owned subsidiary, the minority interest income was reported at $33,680. What amount of net income did the subsidiary have for the year
Mr. Smitovich owns an investment portfolio of marketable securities that generates significant capital gain income each year. Ms. Pelton's only other investment is her Roth IRA.
Push-down accounting is concerned with the A) impact of the purchase on the subsidiary's financial statements. B) recognition of goodwill by the parent.
1. Journalize and post the following transactions 2. Prepare a trial balance sheet. The following were selected from among the transactions completed by Springfield Company during January of the curre
Sara, who gives music lessons, is a calendar year taxpayer using the accrual method of accounting. On Oct. 1 of this year she received 25,000 for a one year contract beginning on the date to provide
Carolyn, who earns 400,000 is required to pay John, her ex husband 200,000 as part of the property settlement as a result of their divorce. In turn, John transfers stock worth 50,000 to Carolyn. Wha
Anne, age 58, purchases an annuity for 33,600. Anne will receive 400 per month for the rest of her life. The expected return multiple is 20.0. At age 65, the amount that Anne may exclude from income
In addition to social security benefits of 8000, Mr and Mrs Wells have adjusted gross income of 32,000 and tax exempt interest of 1000 and will file a joint return. The taxable portion of the social
If Chad had contributed $30,000 in Company B on January 1, Year 1, how much will Chad have to carryover under the At-Risk Rules? In Year 1 how much of Chad’s Passive Activity Loss will he be abl
Melanie, a U.S. citizen living in Paris, France, for the last three years earns a salary of $110,000 in 2006. Melanie's housing costs are $24,000 per year which is reasonable. If 16% of the GS-14 (s
Currently, your only funding for your business has come from your rich relative. What is the risk involved in this financing situation? What is the risk involved in other financing situations (e.g.,
Bonnie purchased a new business asset (5-year property) on 03/10/06, at a cost of $20,000. She also purchased a new business asset (7-year property) on 11/20/06 at a cost of $13,000. Bonnie did not
If the estimated manufacturing overhead for the year was $24,000, and the applied overhead was $26,500, the actual manufacturing overhead cost for the year was:
Assume that the gain on the sale of each home is $500,000. Discuss the proper tax treatment on the sale of each home. How much, if any, of the gain is taxable? Why? Please clearly state in assumptio
Under and accountable plan, Audry receives reimbursements of $4,500 from her employer. Calculate her AGI and itemized employee business expenses.
A share of the common stock of the company currently sells for eight times current earnings. Management and outside analysts expect the growth rate of earnings and dividends for the company to be 7.
You are considering the purchase of a hotel with 20 rooms. If you buy it ,the fixed costs are expected to be $200,000 per year. The variable costs of renting a room for one night include $20 for mai
If each operating unit of MNE produces and sells only in its local country, is treated as a separate company, and pays taxes only in the country of its operations, what is MNE's total tax bill?
Problem 1. Which of the following might be included as a disbursement on a cash budget?