1. Machain Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company's cost formula for variable overhead cost is $2.90 per machine hour. The actual variable overhead cost for the month was $15,270. The original budget for the month was based on 5,000 machine hours. The compa
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a track of land were purchased for $720,000 on July 11. The stand of timber is estimated a 2,250,000 board feet. During the current year, 600,000 board feet of timber were
16. Yehle Inc. regularly uses material YS1E and currently has in stock 460 liters of the material for which it paid $2,530 several weeks ago. If this were to be sold as is on the open market as surplus material, it would fetch $4.55 per liter. New stocks of the material can be purchased on the open market for $5.45 per liter, bu
1.) A total of 6850 kilograms of raw material was purchased at a total cost of $21,920. The material price variance was $1370 favorable. The standard price per kilogram for the raw material must be: A) $0.20 B) $3.00 C) $3.20 D) $3.40 2.) Merle Corporation applies manufacturing overhead to products on the basis of s
Bob, who is single had AGI of $400,000 in 2006. He incurred the following expenses & losses during the year. Medical expenses before 7.5% of AGI limitation $39,500 State & local income taxes $5,200 Real Estate taxes $4,400 Home mortgage interest
Janet, (single) has the following items for 2006: - Salary $140000 - Home mortgage interest $10,000 A hurricane completely destroyed her duplex during the current year. She lived in half of the duplex & rented the other half. She paid $400,000 for the duplex & has taken $80,000 of cost recovery on the rental portion. It w
Introduction to Managerial Accounting Review Questions Chapter 7 1. Which of the following might be included as a disbursement on a cash budget? A) A Above B) B Above C) C Above D) D Above 2. Thirty percent of Sharp Company's sales are for cash and 70% are on account. Sixty percent of the account sales
Multi-National Enterprises (MNE) operates in two countries, X and Y, with tax rates of 40% and 10%, respectively. Production costs are exactly the same in each country. The following summarizes the operating data for the two subsidiaries. (All data have been converted to dollars to simplify the example.) Subsidiary In Country
Cost Volume Profit Analysis 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 maid service and $5 for utilities and other costs. Assume no taxes. a If you expect to rent the rooms
7. When can the NPV and the IRR methods of evaluating investment projects provide contradictory results? (b) How can this arise? (c) Which method should then be used? Why? 15. In what ways the higher interest rates in the United States than abroad interfere with the international competitiveness of U.S. firms? 8. Problem 8
Audry, age 38 and single, earned a salary of $59,000. She had interest income of $1,600 and had a $2,000 long-term capital loss from the sale of a stock investment. Audry incurred the following employment-related expenses during the year: Transportation $55,800 Meals $2,800 Lodging $4
It has been a busy day. Three new clients have dropped off their tax information. Ann has just moved to California from Tennessee. You notice that she sold her home in Tennessee eight months after moving to California. She had owned the home for a little over three years. She rented the home after moving. Originally, she had
1. The cost of fire insurance for a manufacturing plant is generally considered to be a: a. product cost. b. period cost. c. variable cost. d. all of the above. 2. An opportunity cost is: a. the difference in total costs which results from selecting one alternative instead of another. b. the benefit forgone by selec
Tax problems for depreciation, exchanges and gain calculations for Section 1245 and Section 1250 property
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 elect straight-line recovery. Determine the cost recovery deduction for 2006 these assets? David owns a warehouse that is used in
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., selling bonds, issuing stock, venture capital, and debt and equity financing)? Using the Library and other Internet resources, i
Preparing a Flexible Budget (LOI) An incomplete flexible budget for overhead is given below for AutoPutz, Gmbh, a German company that owns and operates a large automatic carwash facility near Koln. The German currency is the euro, which is denoted by E. See attached file for full problem description. AUTOPUTZ, GMB
Foreign Earned income and housing exclusion. See attached file for full problem description.
Chad Scott contributed $15,000 in company A along with 4 other limited partners. The limited partnership also took out a loan of which Chad portion $50,000. The loan was through Compass Bank, which is actively and regularly engaged in the business of lending money. The property company A purchased with the loan proceeds was purc
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 security benefits will be?
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 current year. Jan. 3. Purchased merchandise on account from Pynn Co., list price $16,000, trade discount 35%,
8. 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. C) correct consolidation of the financial statements. D) impact of the purchase on the separate financial statements of the parent. E) recognition of dividends rece
Advise the partnership as to which tract of land should go to which partner based on the following information.
Mr. Smitovich (age 68) and his daughter Grace Pelton (age 32) are equal partners in Shore Realty Partnership. They plan to discontinue Shore's business and divide the partnership's $14,000 cash and two remaining inventory items between them. The inventory items are tracts of undeveloped land: Greenacre (FMV $100,000 and inside b
14. Webb Co. purchased 100% of Rand Inc. on January 5, 2003. 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. What was consolidated cost of goods sold? A) $17,200,000 B) $15,
I have completed this practice problem minus the depreciation that I am having issues calculating. I need all the depreciation calculations for the assets associated with this problem before I can move on to the next one. If you could include the depreciation schedules from the tax return that would be helpful! please explain ho
Theory of Constraints in a Non-Profit Organization. See attached file for full problem description. A university bookstore is a nonprofit retail outlet for textbooks, computers, and general merchandise (including trade books, supplies, and university-licensed apparel and gifts). It is located near the main campus of State Uni
It has been said that private business people do not do enough for the societies they live in. After graduation, some students choose to go into the public, non-profit sector instead of the private business sector because they want to help others. However, business people claim that they actually do more to help others than non-
I'm not sure if you can help with this, but I've searched the net to get some kind of starting point for this question and still haven't found an answer for 'by-product processing'. As a result of the apple drink manufacturing process, TOO produces a large amount of apple waste. The operations manager proposes a use for the a
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 general fund during the current fiscal year. The City formally integrates the budget into the accounting records. The City does not m
I need a summary of Circular 230. There doesn't need to be any specific layout-just a plain summary of the most important parts & the general meaning. I have to make a presentation to my business class. I attached the full circular 230 I found on the IRS website.
Please help with these four questions _____ 12. The use of a "blind" purchase order is designed to prevent errors by the: A. Purchase department B. Receiving department C. Stores department D. Accounting department _____13. Which of the following best describes the auditors' typical