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Calculate basis for Eloise in 3 different business forms

4. Eloise contributes $40,000 to a business entity in exchange for a 30% ownership interest. During the first year of operations, the entity earns a profit of $200,000, and at the end of the year, it has liabilities of $75,000. Calculate Eloise's basis for her ownership interest if the entity is: - a C Corporation - an S c

Saskatchewan Can Company manufactures recyclable soft-drink cans.

Saskatchewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct labor: Direct material: Quantity, .25 hour Quantity, 4 kilograms Rate, $16 per hour Price, $.80 per kilogr

Boston Chicken, Inc. Case Analysis

Can one of you help me please with the follwing 6 questions: 1- How is the company reporting on its performance and risks? What are the key assumptions behind these policies? Do you think that its accounting policies reflect the risks? 3. What adjustments, if any, would you make to the firm's accounting policies? 4. Wha

Ernest Banks Company

Solution to P14-7A is also attached for reference. Financial Accounting, 5th ed., ISBN : 0471655279, Author : Jerry J. Weygandt Chapter 14P14-8A Prepare a statement of cash flows?direct method. (SO 4) Data for Ernest Banks Company is presented in P14-7A. Further analysis reveals the following. Accounts payable relates

Leverage Buyouts

In the 1980s, leveraged buyouts (LBOs) were a popular form of acquisition. Under a leveraged buyout, a buyout group (which frequently includes target management) makes an offer to buy the target firm at a premium over its current price. The buyout group finances much of the acquisition with debt capital, leading the target to be

Accounting Regulatory Bodies Paper

Accounting Regulatory Bodies Paper I need help with Preparing a 800-word paper, in which I have to examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies I selected. Be sure to cite at least two references.

Choice of Accounting Method - Slanted Building Supplies

Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 2003. On December 31, 2003, the officers of Slanted Building Supplies indicated they needed advice on whether to use the equity method or cost method in reporting their ownership in Flat Flooring. Required: a. What factors

Tax Accounting Examples

This formatted MS Excel file contains tax accounting samples on income tax liabilities, adjustments to and for AGI, and determination of taxable income.

Ernest Banks Company

I am unable to find a solution for the attached two problems. Please use attach excel and follow the instructions. Instructions: Prepare a statement of cash flows for Ernest Banks Co. for the year ended 12-31-06, using the indirect method. Net Cash provided by operating activities $28,0000 Investing activities provi

Product Variable Costs

Problem 2 Lehne Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling Price $112 Units in beginning inventory 500 Units produced 2,600 Units sold

Partnerships: calculation of basis, gain/loss and character of gain

21 The MP Partnership was formed to acquire land and subdivide it as residential housing lots. On July 1, 2007, Miranda contributed land valued at $300,000 to the partnership, in exchange for a 50% interest in MP. She had purchased the land in 1999 for $140,000 and held it for investment purposes (capital asset). The partner

Supply and Demand Economics

B. A few years ago a number one best selling book proclaimed the virtues of oat bran in reducing cholesterol. More and more consumers added oat bran cereal and muffins to their diets. At the same time, producers switched over to oat bran production from other agricultural crops. Within the 2 month period, the price of a pound of

Fundamental Accounting Practices

This APA formatted MS Word file contains examples of adjusting entries, computing accruals and cash income, as well as determination of income and expenses, using both accrual and cash accounting procedures.

Ruiz Corporation

Please see attachment. 3 part problem Answer in excel format please. At Decemeber 31, 2007, Ruiz Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation- buildings 12,100,000 14,400,000 Equipment 40 ,000,000 Less: Accumulated depr

Cost Accounting, Net Realizable Value Method - J-M Company

I need to understand how to solve the problem, not just the answers. J-M Company uses a joint process costing $15,000 to produce three main products. The company had no beginning inventory. Its current period operation data follow: Units U Produced Sales val separable sales val aft Units

Corporation operating rules

Could someone please help me with this problem???? John Hunter, the president and sole shareholder of Huntger, Inc. has asked you to assist him in obtaining the maximum charitable contribution deduction for his corporation. The corporation has 36 desktop comptuers that ared almost two years old. Due to recent advances in te

ABC - Maxey & Sons

Maxey & Sons manufactures two types of storage cabinets - Type A and Type B - and applies manufacturing overhead to all units at the rate of $80 per machine hour. Production information follows. Type A Type B Anticipated volume (units) 8,000 15,000 Direct-material cost $35 $60 Direct-labor cost 20

Cash Flows, Indirect Methodology

My problem is, I do not see how my instructor reached in the "indirect methodology" for "financing activities" how he achieved divdends of; -61,200 And for the "investing activities", how my professor reached 36,000 for sale of equip. Please help show me how he reached these values. Thank you 1. New equipment cos

ABC - assign overhead

Rosedale Co. incurs $160,000 of overhead costs in 3 depts. as follows: Setup $10,000 40 setups per year Machining $110,000 5,000 hrs per year Packing 40,000 500 orders per year Product one Product two setups = 20 setups = 20 machining hrs = 1,000

ABC setup costs

Comparing two companies that manufacture lawn chairs. Superior model requires 10,000 direct labor hours(4000 units batch size 200) Deluxe model requires 40,000 direct labor hours (1,000 units batch size 100) Company expects to incur $120,000 of total setup costs I would like to know how much of the setup costs are allo

Bookeeping process and transactions for DeBauge Realtors, Inc.

Need help with this short case: Calculate liquidity and profitabiltiy measures and explain various financial statement relationships for a realty firm. Debauge Realtors, Inc. is a realty firm owned by Jeff and Kristi DeBauge. The Debauge Family owns 100% of the corporation's stock. The following summarized data is take

The Plastechnics Company began operations several years ago.

Please show work with explanation. Variable Cost Fixed Cost Direct Materials Direct Labor Manufacturing Overhead Period Cost Opportunity Cost Sunk Cost Rental revenue - Materials costs Production supervisor salary Production line workers wages Equipment rental Building depreciat

The cafeteria at XYZ University

The cafeteria at XYZ University has experienced the following costs and number of meals served from January through September of 200x: Month Cafeteria Costs/Meals Served January $35,800/9,800 February 34,400/9,000 March 36,920/9,800 April 38,280/10,200 May 44,805/13,500 June 34,700/9,200 July 36,344/9,695 August 43,882/12,211 Se

When using the ABC costing method to allocate $200,000 of OH to two products

When using the ABC costing method to allocate $200,000 of OH to two products, Activity A is assigned $60,000 of OH and Activity B is assigned $140,000 of OH. Activity A has 60,000 cost driver units and Activity B has 70,000 cost driver units. How much OH is assigned to Product XYZ if it consumes 20,000 Activity A cost driver uni

Mean Squared Deviation

Need help answering the attached question. It costs $50 to repair a component in a VCR. Compute the QLF for loses incurred as a result of a deviation from a target setting with a nominal tolerance of 10 + 0.25 mm required. The mean squared deviation is ½.

Interpreting Charts

Need assistance with chart interpretation. Please see attachment. Problem # 10 pg 408 ~ A services process is monitored using x and R charts. Eight samples of n = 10 observations Have been gathered with the following results: Sample Mean Range 1 4.2