The company report shows that the taxable income is not the same as the net income on the financial statements. Does this cause a problem? Please provide a full response for a full understanding of the topic.
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The Kaempfert Corp. sold 1,000,000 units of its unique product last year. The selling price for this product was $5.00 per unit, variable costs were $4.75 per unit and total fixed costs for the year were $600,000. For the upcoming year Kaempfert expects that volume and total fixed costs will not change, and that variable costs w
MuNu Ltd. manufactures three different products - Oceanus, Tethys and Themis - with the sales mix having remained relatively constant over the past few years. Financial results for the past year are: Product # of Units Sold Selling Price per Unit Variable Cost per Unit Oceanus 95,000 $15
Activity Based Costing Below find Millie's income statement. Millie's Linen Company For the year ended 12-31-XX Sales $500,000 Variable Production Costs 150,000 Contribution Margin $350,000 Fixed Costs: Production Overhead $120,000 Sellling & Distribution Costs 180,000
ABC foods has three product lines: Bakes, wet and frozen. ABC has four activity pools: ordering, delivering, and stocking with cost of $100/order and $80/delivery and $20/hour. Revenue= 57,000 63,000 52,000 COGS 38.000 47,000 35,000 Purchase Orders 30
Fresh flyer sandwiches started up this month and used up of DM =900,000, DL =750,000 and applied MO=250,000 (with MO applied on DL$) EWIP had one job with DM 132,600 and DL =90,000. Ending RM=100,000, Overapplied MO was 93,000. Selling prices were twice Cost and EFG= 100,000. Period expenses were 45,000. Jornalize and post ap
See the attached file. Not sure what is being asked for the second part. Chapter 3, problem 3-41 High-Low Method Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000. Using only these two data points, determine the cost funct
What is the SEC and how is it involved with accounting standard setting? Give an example of a major investing activity cash outflow that would be reported the statement of cash flows for a manufacturing company. Explain the purpose of disclosure notes on significant accounting policies. Provide two examples of what migh
Which of the following is true about disbursement float? a. Funds are removed from the checking account immediately when the check clears the checking account. b. Funds are deposited to a checking account immediately when a check is written. c. Funds are collected and credited to an account.
The largest part of business accounts payable is normally: a. obligations of our firm that were obtained by purchasing inventory on credit. b. obligations of a firm that were accumulated and are owed to governmental agencies. c. the monthly payroll owed to employees. d. the monthly obligat
Break-even analysis is the process of determining ___________ before we begin earning a profit. a. how many units must be produced, or how much revenue must be obtained b. how much net profit will be made, or how many units will be produced c. how much revenue must be obtained, or how much net profi
You have invested $5,000 in the Cog Corporation and $5,000 in the Gear Corporation. Both of these corporations have $100 million in total assets. The Cog Corporation had a net profit of $10 million and the Gear Corporation had a net profit of $5 million. You read their annual reports and both companies had established a goal of
Operating Budgets - Write a 700 to 1,000 word paper that identifies the items incorporated into a security component or department of an organizations operating budget. Such as operating equipment, services, maintenance, phone, mail, office supplies, uniforms, and so forth. - Provide a rationale and justification for each co
Good Evening, I'm having a little difficulty understanding this problem. I entered some of the values, but I'm confused. Please advise. The Partnership of Frick, Wilson and Clarke has elected to cease all operations and liquidate it's business property. A balance sheet drawn up at this time shows the following acc
What is the most common report written by accounting firms? Who is the audience for this report? Would you send this same report to the CEO of the firm's client? Why? Thank you!
In each of the following situations discuss if the instance raises a red flag. Thanks for getting me started! ------------- 1. The CEO says that you will not be able to review the minutes of the board of directors because they contain trade secrets and formulas. Are there any alternative procedures that can be used so yo
Please assist with the following problem. Thank you. Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8, for $96,000. At that date, the fair value of Best's buildings and equipment was $20,000 more than book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwil
Please assist with the following problem. Pioneer Corporation purchased 80 percent of Lowe Corporation's stock on January 1, 20X2. At that date Lowe reported retained earnings of $80,000 and had $120,000 of stock outstanding. The fair value of its buildings was $32,000 more than the book value. Pioneer paid $190,000 to acqui
Can you help me get started with this assignment? Kalder Products manufactures two component parts, AJ40 and AJ60. AJ40 components are being introduced currently, and AJ60 parts have been in production for several years. For the upcoming period, 1,000 units of each product are planned for manufacturing. Assume that the only r
1) Mr. A works in Germany for XYZ contracting, an American corporation. He is single and has no dependents. He takes the standard deduction. He made $100,000 in 2009. He did not leave Germany in the year 2009. A) How much of his income can he exclude under the FEI rules? B) Assuming that he has no other income, what is his ta
Edmond Company exchanged machinery with an appraised value of $1,755,000, a recorded cost of $2,700,000 and Accumulated Depreciation of $1,350,000 with Rosen Corporation for machinery Rosen owns. The machinery has an appraised value of $1,695,000, a recorded cost of $3,240,000, and Accumulated Depreciation of $1,782,000. Rosen a
Assistance is needed with some articles which "discusses the good and the bad of ABC, and tries to come to an overall conclusion" based on good decision making. ABC = Activity Based Costing.
I need help with the following problem in the attached document. Critiquing a Variance Report: Several years ago, Westmont Corporation developed a comprehensive budgeting system for profit planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed considerab
I do not understand how to compute the missing numbers.
A rookie quarterback is negotiating his first NFL contract. His opportunity cost is 10%. He has been offered three possible 4-year contracts. Payments are guaranteed, and they would be made at the end of each year. Terms of each contract are as follows: 1 2
You have been at your job for East Coat Yachts for a week now and have decided you need to sign up for the company's 401(k) plan. Even after your decision with Sarah Brown, the Bledsoe Financial Services Representative, you are still unsure as to which investment option you should choose. Recall that the options available to y
Arcola, Inc., acquires all 40,000 shares of Tuscola Company for 725,000. A year later, when Arcola's equity adjusted balance in its investment in Tuscola issues an additional 10,000 shares to outside investors for 25.00 per share. Which of the following best describes the effect of Tuscola's stock issues on Arcola's investment a
Comparative Consolidataed balance sheet data for Iverson, Inc., and its 80 percent owned susidiary Oakley Co. follow: 2011 2010 cash 7000 20000 accounts receivable (net) 55000 38000 merchandise inventory 85000 45000 building a
The parent company acquires all of a subsidiary's common stock but only 70% percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrears at the current time. How is the noncontrolling interest's share of the subsidiary's income computed? Explain? A: A
An enterprise that holds a variable interest in a variable interest entity (VIE) is required to consolidate the assets, liabilities, revenue, expense, and noncontrolling interest of that entity if: Explain: A: The Vie has issued no voting stock. B: The variable interest held by the enterprise involves a