1. Ms. Pinella contributed property (adjusted basis $50,000, FMV $84,000) to Price Inc. in exchange for 200 shares of its stock (FMV=$74,000) and $10,000 cash. This exchange qualified under Section 351. Her gain recognized on this transaction is: a. $50,000 b. $84,000 c. $54,000 d. $10,000 Please show work in detail.
Jim Monroe, president of the Monroe Clock Company, has just finished saying he did not think they knew what the new household timer was going to cost. His controller, Tom, had provided figures showing a full cost of $11.60, and Frank Tyler, his sales manager, ha worked out a cost of $6.30. Frank said that was the timer's cost us
Borich Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $142 Variable expense per unit $85 Fixed expense per month $328,000 The break-even point in monthly unit sales is closest to: 5,654 units 5,904 units 5,754 units 6,104 units
Otto Dieffenbach & Sons, Inc. is a small manufacturing company in La Jolla that uses activity-based costing. Dieffenbach & Sons accumulates overhead in the following activity cost pools. 1. Hiring personnel. 2. Managing parts inventory. 3. Purchasing. 4. Testing prototypes. 5. Designing products. 6. Setting up equipment.
Atlantic Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost-conscious. Surtan is manufactured through two processes: mixing and filling. Materials are entered at the beginning of each process and labor and manufacturin
Texco Corporation uses an activity-based costing system with two activity cost pools. Texco uses direct labor hours as the measure of activity in the first activity cost pool and the number of orders in the second activity cost pool. The following information relates to these two activity cost pools for last year:
Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns........ 7,000 Inventory Sales.......
1. Identify Effective Tax Strategy for Employee Compensation 2. Describe the Steps Utilized in Conducting Research: 3. List Tax Principles Used: 4. Assess the Likelihood of IRS Challenge Mr. Whit is the sole shareholder and CEO of newly incorporated Talawanda Concepts. He plans to pay himself a reasonable $100,000 annu
Please see the attached files. The Srinivas Company was incorporated on April 1, 20X1. Srinivas has ten holders of common stock. Diveesh Srinivas, who was the president and chief executive officer, held 51% of the shares. The company rented space in chain discount stores and specialized in selling ladies' shoes. Srinivas's fi
See attachment for Prob 3-7. Required: Compute the amount of overhead applied to each product during the year.
Explain the difference between absorption costing and variable costing?
Only need assistance with part "B". Please review the attached simulation in order to complete. Please include references. Before meeting with the Learning Team, each individual team member should run the "Accounting for Governmental Funds" simulation. As a team, prepare a paper that includes the following: a. Discu
For personal interview and observations : is it possible the surveyor can affect the responses? How might that happen? Are there ethical issues involved with experimentation?
1. What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why? 2. What is horizontal analysis? What is the value in using horizontal analysis? Why would a company use th
Auto industry Survey Develop a problem statement which can be addressed with survey research. Prepare a 10-13-question survey to collect primary data regarding your selected problem statement. Your survey questions must include a mixture of categorical (nominal and ordinal) and quantitative (interval and ratio) variables.
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy, each earns a payoff of $100. If player one chooses strategy A and player 2 chooses strategy B, then the player 1 earns $0 and player
Details: You and your spouse are preparing your first income tax return as a married couple. You want to save some money and prepare the tax return yourself, so you need to gather information on the credits and deductions that are available and decide the best way to file. Utilize the Library, Internet, and all other resource
Please see attachment 1)Dominion Company Balance Sheet As of December 31st, 2006 Current Assets: Current Liabilities: Cash $10,00 Accounts Payable $150,000 Accounts Receivable $90,000 Taxes Payable $20,000 Inventory $135,000 Interest Payable $10,000
JONES Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: Activity cost pools Activity rate Assembling products $2.36 per assembly hour Processing customers orders $47.73 per custome
There are 3 problems. I have attached 2 excel sheet which go with these problems and a txt file which is the problems as shown below. Problem 1. Borealis manufacturing has just completed a major change in its quality control (QC) process. Previously, products had been reviewed by QC inspectors at the end of each major
Need to calculate the year to year ratio. Can't figure it out. Help! thanks. If Parthenon Company had net income of $672,300 in 2007 and it experienced a 20% increase in net income over 2006, what was its 2006 net income?
1)Martin Manufacturing Company (MMC) produced 1000 units of product during 2003. The Company incurred variable production cost amounting to $380 per unit. Fixed manufacturing overhead costs amounted to $130,000. MMC sold 900 units of product at a price of $800 per unit. Assuming MMC uses variable costing, the amount of income
Accounting questions Please answer the following questions writing between 200 to 300 words to each questions (ONLY QUESTION 4 NEEDS TO HAVE BETWEEN 250 TO 300 WORDS): 1. What are the three internal control objectives for financial reporting? 2. Describe the basic principles of cash management. Have you had any good or
Joe's Fly-By-Night Oil Company earned $200,000 last year before-taxes. a. Calculate how much Joe's owes in income taxes for the year (use the table on page 26 in your textbook). b. What was Joe's average tax rate? c. What was Joe's marginal tax rate?
Regis Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 17,900 hours and the total estimated manufacturing overhead was $341,890. At the end of the year, actual direct labor-hours for the year were 16,700 hours and the actual manufacturing
How do managers balance maximizing a firm's value versus stockholder interests?
1. Why notes before accounts payable? 2. What is the drawing account? 3. What is preferred stock? 4. What is the retained earnings acct, and why does this acct play an important roll in equity on the financial? 5. What is common stock and what role does this have on raising capital? 6. What are some tax implications for co
Your company, ABC Corp., is considering making a change in its accounting information system. The Finance Director has tasked your team with analyzing the needs of the accounting and financial re-porting system's current users. You must complete a user needs assessment and prepare a document that will be submitted to your organi
Could you help me to understand these sample questions please. 3.Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and January 10,100 2,400
Deliverable Length: 2-3 page memo (include Excel spreadsheet) A friend, Sal, wants to know how much he would save in taxes by contributing to his 401(K) plan. He can invest up to 10% of his income into the plan. His current income is US$50,000 per year, and he is in the 25% tax bracket. In a memo to your friend that outline