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Accounting

Book and Tax accounting difference

Need help answering questions (a) and (b). Jessup Corporation, which is publicly held, purchased 13,000 shares of ABC stock as a short-term investment for $85,000. At year-end, FMV of the ABC stock was $93,000. For financial reporting purposes, Jessup uses the mark-to-market method to account for its ABC investment. Consequen

Accounting - In Excel Please

Selected data from a February payroll register for Andrew Manion Company are presented below. Some amounts are intentionally omitted... Instructions (a) Fill in the missing amounts. (b) Journalize the February payroll and the payment of the payroll. Please see attachment for full question.

Personal holding income and taxable dividends

I can?t find any references to determine if Porter can or cannot claim a deficiency dividend to eliminate a penalty tax on his personal holding company income. Please help me determine if Porter can declare a taxable dividend without any corresponding cash flow to its shareholders, and the tax consequences of the dividend to th

Question

People tend to think of long term bonds as a safe investment where their principal is never at risk. Are there cases related to the issues question where that might not be true? What would they be?

EBIT, Taxes, Leverage, Break-Even: Big Apple, Duval Corporation

Please help me on the attached problems. 1. EBIT and Leverage. Big Apple, Inc., has no debt outstanding and a total market value of $80,000. Earnings before interest and taxes, EBIT, are projected to be $10,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent hi

EBIT, Leverage, taxes, Break-even EBIT

1. EBIT and Leverage. Big Apple, Inc., has no debt outstanding and a total market value of $80,000. Earnings before interest and taxes, EBIT, are projected to be $10,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will

Changes in cash account

Walk me through how to solve this problem: Indicate the impact of the following corporate actions of cash, whether it would: I = increase, D = decrease, N = no change occurs. A. a dividend is paid with funds received from a sale of debt B. real estate is purchased and paid for with short term debt C. inventory is bought on

Accounting - Problem 14-18

14. Refer to the information above (Posting Code: 10945). What is the capital turnover for Mayo, Inc.? a) 32% b) 48% c) 64% d) 84% 15. Simon Stores has sales of $820,000, cost of sales of $340, 000, and operating expenses of $152,000. What is Simon's return on sales? a) 58.5%

Accounting - Problem 7

Schedule of cost of finished goods manufactured The accounting records of Enviro-Kleen Co. include the following information about the company's manufacturing costs and inventories in 2000: <i> Please see attachment for table</i> Complete the following Schedule of Cost of Finished Goods Manufactured for the year ended De

Accounting - Problem 6

Flow of manufacturing costs The following data are taken from the accounting records of Ruiz Mfg. Co.: <i> Please see attachment for table</i> Compute the following amounts: a) Direct materials purchased during the period. e) The overhead application rate, assuming that overhead is applied to production as a percentage

minimizing personal income tax of a small company owner

I am having trouble with the following problem in determining if the strategy will minimize Mr. Whit's payroll tax. Please provide an explanation with your answer. Mr. Whit is the sole shareholder and CEO of newly incorporated Talawanda Concepts. He plans to pay himself a reasonable $100,000 annual salary. However, the corp

Owner directing rent payment to someone else is scrutinized.

In the following situation, I am having problems identifying the related tax issue. Ms. Christina owns rental property earning monthly rent of $2,000. On December 1, 2003, she instructs her tenant to pay the rent due directly to her daughter, Joanna.

Identifying tax related issue--selling stock

In the following situation, I am having problems identifying the related tax issue. Mr. Tony owns stock that has declined in value. He is considering selling the stock to recognize the tax loss but is reluctant to do so because he believes the stock price will rebound. He arranges to sell the stock to a friend, who then imm

Identifying tax related issue--expanding operations

In the following situation, I am having problems identifying the related tax issue. Morgan Corporation is planning to expand its operations into either State J or State K. Property costs are lower in State J, but skilled labor is in greater supply in State K, which would result in lower projected payroll costs.

Identifying related tax issue

In the following situation, I am having problems identifying the related tax issue. Ms. Lunai is single and expects her 2003 taxable income to be $60,000. On October 1, 2003, she purchased 100 shares of Skyrocket Inc. for $10 per share. On December 15, 2003, the stock traded at $15 per share. Ms. Lunai is considering wheth

Ranking investments based on after-tax value

Assume that each of the following investments generates the same amount of pretax value. Rank the investments from highest to lowest in terms of their after-tax value. Explain your rankings. a. Corporate stock paying an annual dividend. b. Corporate stock paying no dividend but expected to appreciate in value. c. Munic

Tax affect of employing family members

Mrs. Kanisha is the owner of Kanisha?s Sub Shop. In order to lower her taxable income from the shop, Mrs. Kanisha ?employs? her three-year-old daughter as a janitor at a salary of $200 per week. a. Does Mrs. Kanisha?s employment of her daughter reflect economic reality? b. Should Mrs. Kanisha be allowed to deduct the salar

Computing average costs

I am having a problem with my calculations for requirement "b" (computing the average process cost per unit sold of each of the three product lines) and requirement "c" (computing the average process costs per unit sold during a comparable period). See attached for more details

Accounting Rulemakers to Mull Broad Changes to Pensions

Accounting Rulemakers To Mull Broad Changes To Pensions By ARDEN DALE April 19, 2004 3:54 p.m. Of DOW JONES NEWSWIRES NEW YORK -- Companies could be required to mark their pension plans to market under a project being considered this week by accounting rulemakers in the U.S. and Europe. Though not certain to be adopted,

Estimating Profit

I am having problems trying to estimate profitiablity and identifying the problems with the company's policies and measurements.

Question

What types of internal controls are in place at organizations?

Need assistance with a question

24. In the following separate mini cases, using a periodic inventory system, identify the item(s) designated by the letter. (a) Purchases _ X _ Y _ Net purchases. (b) Cost of goods purchased _ Net purchases _ X. (c) Beginning inventory _ X _ Cost of goods available for sale. (d) Cost of goods available for sale _ Cost of go

4020-cost accounting

Category: Business Subject: High Low method Details: Company x documented their production levels and overhead costs for the past five months: Production Overhead Costs January 10,500 units $402,500 February 10,675 units $410,000 March 11,500 $442,500 April 12,500 $452,500 May 11,000 437,500 Using high-low

Accounting - Major Problems for Standard Setters Internationally

Select one accounting practice that has caused major problems for standard setters internationally (i.e. where practice varies considerably from country to country ). Explain the problem and how standards setters have attempted to harmonise practice. Describe and evaluate the current situation. Please see attached for Gui

Assets, competing tenders

Category: Business > Financial Accounting Subject: Non-Current Assets (asset definition / Asset valuation) Details: A group of metropolitan councils had for some years operated a very large rubbish tip. Unfortunately the tip was rapidly filling and the search was on for a new one. The councils favoured acquiring a yawning

Accounting Problem Set

Please show calculations as you work on your worksheet. 1. Owners of business firms are the only people who need accounting information. a. True b. False 2. The study of accounting is not useful for a business career unless your career objective is to become an accountant. a. True b. F