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Business Taxation True/False and Multiple Choose

Can you please help with some True/False and Multiple questions for an accounting class specializing in Business Taxation. My school is located in Minnesota so all US GAAP, etc would apply. 1. Dew-Drop Trust had a $10,000 of dividend income and a $7,000 capital gain for the year. The trust is a simple trust. Under state law b

Accounting Equation - Balance

What is the accounting equation? What does it tell you? Why does it have to balance? What happens if the equation does not balance? How does technology play a role in this?

Lyle & Kaye James: Complete Form 1040, Schedules A, D, and E

1. Lyle and Kaye James are married, have two minor children, Jessica age 8 and Jerron age 4, and are filing a joint tax return in the current year. They are both employed. Lyle and Kaye, ages 38 and 37, respectively, have combined salaries of $240,000, from which $42,000 of federal income tax and $10,000 of state income tax are

Managerial accounting information and costing methods and Techniques

I need help figuring out the practice problems attached. Please show work were needed. Thanks so much for your help! Practice Problems Week 5 1. Managerial accounting information A) pertains to the entity as a whole and is highly aggregated. B) must be prepared according to generally accepted accounting principles

Please assist me with the following accounting problems.

I am having problems with the following 5 accounting problems. Can you help me? I have attached my information to assist you. Thank you in advance for your assistance! Answer the five questions. Question #5, can be submitted in an in an Excel file. All other responses should be contained in a single Word file. Maximum leng

Net Cash Provided by Financing Activities

Question 33: Hanna Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 55 $ 44 Accounts receivable 55 50 Inventory 73 64 Plant and equipment 641 450 Accumulated depreciation ( 331) ( 345) Total assets $493

Solve: Segment Margin

Please help with the following problem. Provide a simple solution for each. Ferrar Corporation has two major business segments - Consumer and Commercial. Data for the segment and for the company for March appear below: Sales revenues, Consumer $681,000 Sales revenues, Commercial $300,000 Variable expenses, Consu

Important Information about J Corporation's Net Operating Income

Question 19: J Corporation has two divisions. Division A has a contribution margin of $79,200 and Division B has a contribution margin of $130,000. If total traceable fixed costs are $71,500 and total common fixed costs are $32,500, what is J Corporation's net operating income? $114,200 $93,200 $111,200

Actual hours worked 7

Question 7: (2 points) Tub Co. uses a standard cost system. The following information pertains to direct labor for product B for the month of October: Actual rate paid $8.40 per hour Standard rate $7.70 per hour Standard hours allowed for actual production 1,820 hours Labor efficiency variance $1,480 unfavorable

Important information about Cash Collections in April

Question 1: Sioux Company is estimating the following sales for the first six months of next year: January $248,000 February $213,000 March $232,000 April $297,000 May $355,000 Sales at Sioux are normally collected as 55% in the month of sale, 41% in the month following the sale, and the remaining 4% being unc

Equivalent units for material and conversion

Tip Top Painting Company has the following production data for January: ? Beginning work in process, 0 units ? Units transferred out, 35,000 ? Units in ending work in process, 4,000, which are 30% complete for conversion costs Materials are added only at the beginning of the process. Compute equivalent unit

Tax Return Problems

Can you help me get started on these problems? 1. Frank & Jane are married and file a joint return. Both are active participants in their employer qualified retirement plans. Their total AGI in 2007 is $87,000 and they earn salaries of $46,000 & $40,000. A. What amount can Frank & Jane contribute to traditional IRAs in 20

Compute a Simple Price Index for Each of the Three Items

Please answer questions (see attachment): Below is information on food items for the years 2000 and 2004. 2000 2004 Item Price Quantity Price Quantity Margarine (pound) $0.81 18 $0.89 27 Shortening (pound) 0.84 5 0.94 9 Milk (1/2 gallon) 1.44 70 1.43 65 Potato chips 2.91 27 3.07 33 1. Compute a simple price index for

load versus no-load funds

An open-end fund is set up to charge a load. Its NAV is $8.72 and its offer price is $ 9.25. ? (a) What is the dollar value of the load commission? ? (b) What percent of the offer price does the load represent? ? (c) Do load funds necessarily outperform no-load funds? ? (d) How do no-load funds earn a return if they do not c

What is the net asset value of the fund?

The New Pioneer closed-end fund has 520 million in securities, 5 million in liabilities and 10 million shares outstanding. It trades at a 5% premium above its net asset value (NAV): ? (a) What is the NAV of the fund? ? (b) What is the current price of the fund? ? (c) Why might a fund trade at a premium above its NAV?

How Many Units of Each Product Should Be Produced and Sold?

See attached file. The XYZ Corporation manufacturers both Product A and Product B. Operating Information from the previous year is as follows: Product A: Units produced and sold 5000 Machine hours used 5000 Sales price per unit $6 Variable cost per unit $4 Product B: Units pro

Paris Company provides the following ABC costing info:

Paris Company provides the following ABC costing info: Activities Total Costs Activity-Cost Drivers account inquiry hours $400,000 10,000 hours account billing lines 280,000 4,000,000 lines account verification 150,000 40,000 accounts correspondence letters 50,0

Norris Company for 20x1: Sales Margin, Capital Turnover

Required: (A.) Calculate the company's sales margin, capital turnover, and return on investment for 20x1. (B.) If the sales and average invested capital remain the same, to what level would total costs and expenses have to be reduced in 20x2 to achieve a 15% return on investment? (C.) Assume that costs and expenses are reduce


PLEASE SHOW CALCULATIONS AND NEEDS TO BE 1-2 PAGES...PLEASE FULLY EXPLAIN THE ANSWER Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number

Diluted earnings per share problem

B Company had 400,000 shares of common stock outstanding during the year 2008. In addition, at December 31, 2008, 90,000 shares were issuable upon exercise of executive stock options which require a $40 cash payment upon exercise (options granted in 2006). The average market price during 2008 was $50. Can you please tell me

Calculating How a Special Order will Impact Net Income

Manor, Inc. which has excess capacity, received a special order for 4000 units at a price of $15 per unit. Currently, production and sales are budgeted for 10,000 units without considering the special order. Budget information for the current year follows: Sales $190,000 Less: CGS 152,000 Gross Ma

Identify two financing options for your used book store

Currently, all funding for your used book store business comes from a rich relative. What other forms of funding (e.g. stock, bonds, venture capital) might be logical alternatives for your business and what would you need to do to qualify for them? How would the risks of such alternative funding sources compare with the risk o