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    Gain on tax with a gift

    Doug receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $90,000. At the time of the gift, the land and building have FMVs of $40,000 and $80,000, respectively. No gift tax is paid by Doug's uncle at the time of the gift. To determine gain, what is Doug's basis for the land? To determine

    Management and Accounting: Minnetonka Corporation

    The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line has been developed. Because of the

    Compare Microsoft and AT&T

    Using the Internet, research Microsoft in the software industry and AT&T in the telecommunications industry to compare and contrast their performance over the last five years. Compare the two companies with special reference to the economic and environmental factors affecting their business during this time. Examine how the f

    Easy Transfer Pricing Excel Exercise-Accounting

    Please see attached, Need help filling in the missing cell values with formulas & explanations as to how to arrive at the calculations, submit conclusions back within this xls file. • Metals Division, total contribution margin:$28,800,000 • Outlay cost: $156 XXXX has several divisions. However, only two divisions

    Income Tracked by the IRS: 3rd Party Individuals

    With modern technology the IRS is now able to easily and conveniently determine much of our financial data from third party sources. In terms of income, what income does the IRS track for individuals? And, how does the IRS track how much money you made last year?

    Using Accounting Data to Make Business Decisions

    Need help on if I was hired as the CFO of a new company and are determining the company's accounting needs. Explain to your staff at least 2 ways in which accounting data are used to make business decisions. Explain at least 3 related accounting terms or theories.

    Managerial Accounting Assighnment

    We are currently studying for our future managerial accounting exam, I am doing a pre-test and for accuracy I would like to know the answers to the specific problems attached. 1. Stoneberger Corporation produces a single product and has the following cost structure: The unit product cost under variable costing is:

    Tax of estates, trusts & gifts

    1. Why can the unified transfer tax be categorized as an excise tax? In this regard, how does it differ from an income tax? 2. 10.3 As to the alternate valuation date of §2032, comment on the following. a. The justification for the election. b. A Form 706 need not be filed for the estate. c. The main heir prefers the date

    Business Transactions

    O'Henry's Data Services Unadjusted Trial Balance November 30, 20XX Cash.................................... $9,700 Accounts receivable........................... 7,900 Prepaid expenses............ 2,600 Furniture, fixtures, & equipment 151,300 Accumulated depreciation $15,600 Accounts payable............

    Formula method

    The 2007 balance sheet for American Pulp and Paper is shown below (in millions of dollars): Cash $3.0 Accounts Receivable 3.0 Inventory 5.0 Current Assets $11.0 Fixed Assets $3.0 Total Assets $14.0 Accounts Payable $2.0 Notes Payable 1.5 Current Liabilities $3.5 Long term Debt $3.0 Common Equity 7.5 Total Liabi

    Employer's payroll tax expense

    During the first week of January, Sam Jones earned $200. Assume that FICA taxes are 7.65 percent of wages up to $50,000, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Sam has voluntary withholdings of $10 (in addition to taxes) and th

    AFN Formula

    What would happen to AFN if: (1) sales increase (2) profit margin increases (3) suppliers are paid on delivery rather than a 30 day delay (4) dividend payout ratio is increased (5) the company begins to sell on credit (previously all sales have been cash)

    Accounting Ex13-10

    *Discribe how to calculate On Oct 10, the stockholders' equity of Syntax Systems appears as follows Comon stock---$10 par value, 72,000 shares authorized, issued, and outstanding.......................$720.000 Paid-in capital in excess of par value, common stock.........$216,000 Retained earnings...................

    Amount of dividends

    *Discribe how to calculate. Norton's outstanding stock consists of (a) 13,0000 shares of noncumulative 8% preferred stock with a $10 par value and (b) 32,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends. 2009....

    Investing in Other Companies

    What are some issues to consider before investing in another company? How do you account for the investment activities subsequent to initial acquisition? Why is the income assigned to the noncontrolling interest treated as a deduction in computing consolidated net income?

    Operations for Tennant Securities

    *write how to calculate Tennant Security, which began operations in 2009, invests in Long-term available-for-sale securities. Folloing is a series of transactions and events determining its long-term investment activity. 2009: Jan.20 Purchased 1,200 shares of Johnson& Johnson at $20.50 per share plus a $240 commission.

    Detecting Accounting Gimmicks and Fraud

    Please help write a brief description on the following: Select a company investigated or under investigation by the SEC for some financial impropriety. Discuss at least one issue they are being investigated for in the context of the below seven financial shenanigans. The Wall Street Journal, CFO.com, and major newspapers are

    Contingent liability

    Vita Technologies is involved in cancer research. Vita is involved in a number of lawsuits related to their operations. For each case, indicate the disclosure that should be provided by Vita Technologies in the annual financial statement. (1) One of their drugs, Hypothiaman, resulted in dangerous side effects of which Vita wa

    Principles of Accounting: Example Questions

    Identify the limitations of the internal control system. Provide at least 2 limitations. Provide at least 3 examples of internal control procedures, and explain how these procedures can be implemented. Identify symptoms of a lack of internal control. Explain the impact of the missing journal entry on the financial statements of

    Carter Air Lines: Equipment's After-tax Net Salvage Value

    Carter Air Lines is now in the terminal year of a project. The equipment originally cost $20 million, of which 80% has been depreciated. Carter can sell the used equipment today to another airline for $5 million, and its tax rate is 40%. What is the equipment's after-tax net salvage value?

    Nixon Communications Operating Cash Flow for first year

    Nixon Communications is trying to estimate the first-year operating cash flow (at t = 1) for a proposed project. The financial staff has collected the following information: Project sales $10 million Operating costs (not including depreciation) $7 million Deprecia

    Possible causes for price and efficiency variances

    You are a student preparing for a job interview with a Fortune 100 consumer products manufacturer. You are applying for a job in the Finance Department. This company is known for its rigorous case-based interview process. One of the students who successfully obtained a job with them upon graduation last year advised you to "kn

    Accounting for Overhead Costs

    The following information was compiled by Georgia Company: Expected volume of production 50,000 units Actual level of production 47,500 units Budgeted fixed overhead $400,000 Actual fixed overhead $415,000 Variable overhead rate per direct-labor hour $18 Actual variable overhead $790,

    Autopitch Control Charts with Control Limits

    17- 9. When set at the standard position, Autopitch can throw hard balls toward a batter at an average speed of 60 mph. Autopitch devices are made for both major-and minor- league teams to help them improve their batting averages. Autopitch executives take samples of 10 Autopitch devices at a time to monitor these devices and t

    Who are the different users of accounting information?

    1. Who are the different users of accounting information? 2. What are the differences between managerial and financial accounting? 3. What are the differences between the CMA and CPA certifications? 4. What is the value of the accounting function in school organization, both internally and externally? Answer this

    Prepare an allocate schedule, income and investment balance

    Earth-Q Corporation paid $1,680,000 for a 30 interest in Tremor Corporation's outstanding voting stock on January 1, 2006. The book values and fair values of Tremor's assets and liabilities on January 1, along with amortization data, are as follows: Book Value Fair Value Cash

    Average cost method

    Logan, Inc., had 9,000 units of work in process in Department M on March 1 that were 50 percent complete as to conversion costs. Materials are introduced at the beginning of the process. During March, 18,000 units were started, 20,000 units were completed, and there were 1,000 units of normal losses. Logan had 6,000 units of

    The Comparative Balance Sheet of Stuart Company

    12. The comparative balance sheet of Stuart Company appears below: 20pt STUART COMPANY Comparative Balance Sheet December 31, Assets 2007 2006 Current assets $ 340 $280 Plant assets 675 520 Total assets $1,015 $800 Liabilities and stockholders