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Sweetwater, Inc. is an S corporation in Sour Lake, Texas. a. In 2012, Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corpora
Weston acquires a used office machine (7 year class asset) on November2,2011, for 75,000. this is the only asset acquired by Weston during the year.
At the beginning of the year, Ann and Becky own equally all of the stock of Whitman, Inc., an S corporation. Whitman generates a $120,000 loss for the year (not a leap year).
The KGV Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September.
The final processing dept in Carol's production facility began the year with no WIP inventories. During the year, 270,000 units were transferred in from the prior processing dept and 250,000 units w
If land and a building on the land are purchased for $336,000 and the appraised values of the land and building are $60,000 and $300,000 respectively, what should the cost allocation to the buildin
Wilson Co. purchased land as a factory site for $600,000. Wilson paid $60,000 to tear down two buildings on the land. Salvage was sold for $5,400.
Callaham Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume.
Bonnie and Clyde each own one-third of a fast food restaurant, and their 13-year old daughter owns the other shares. Both parents work full time in the restaurant, but the daughter works infrequentl
Huron company produces a commerical cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are give.
How will taxable rent received by an individual in June 2008 be treated in a 2008 individual federal tax return? Assume the taxpayer rents out part of his residential home and receives advance rent
Ruby is the owner of all shares of an S corporation. Ruby is considering receiving a salary of $80,000 from the business. She will pay 7.65% FICA taxes on the salary, and the S corporation will pay
Accounting for a Job-Order Cost System [LO 3, 6, 7, 9]Bob and Beth Ford retired from the food services industry and began catering wedding receptions on a limited basis.
Assume that the real risk-free rate is 2.5% and that the maturity risk premium is zero. Also assume that the 1-year Treasury bond yield is 6.2% and a 2-year bond yields 6.6%. What inflation rate is
Last year, Gransky Corporation's variable costing net operating income was $52,100, and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the
Your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441000 was on hand at that date. You also discover the following items were a
1. A revenue variance is favorable if the revenue in the static planning budget exceeds the revenue in the flexible budget. True False 2. A materials price variance is favorable
A major difference between accounting for postretirment benefit plans and pension plans is that postretirment benefit plans do not need to show a liability for accumulated postretirement beenfit obli
Furniture, Inc, specializes in the production of futons. it uses standard costing and flexible budgets to account for the production of a new line of futons. for 2011,
The asset and liabilities of the pension plan istself are included in the financial statements of the plan:The minimum pension liability that must be shown on the balance sheet of the plan is the.
The Playa Company uses a periodic inventory system. The following information is taken from Playa's records. Certain data have been intentionally omitted. ($ in thousands)
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours)
If a company fails to adjust for accrued expenses, what effect will this have on that month's financial statements? 1.Expenses will be understated and net income and stockholders' equity will be ove
A business operated at 100% of capacity during its first month, with the following results: Sales (90 units) $90,000 Production costs (100 units) Direct materials $40,000 Direct labor
Sergo Games produces a variety of action games including a flight simulation game, Airport 10, which sold more than 800,000 copies in the past year.