Explore BrainMass


corporate taxation

1.Can the sec 1244 stock be preferred stock? 2.How low can the S corp owner set his own salary? 3.How are distributions taxed under an S corp? 4.Can an S corp owner forgo a salary for a distribution? 5.Is rental income considered active income? 6.How are C corporations different from and similar to S corporations? 7.Descri

Glen and Michael are equal partners in Trout Enterprises

Glen and Michael are equal partners in Trout Enterprises, a calendar year partnership. During the year, Trout Enterprises had gross income of $400,000 and operating expenses of $220,000. In addition, the partnership sold land that had been held for investment purposes for a long-term capital gain of $100,000. During the year, Gl

Jordana Woolens: Accounting Problems

18. THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 18 - 20: Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning WIP: 10,000 Units Units Started: 20,000 Units Units Completed: 25,000 Units Beginning WIP - Direct Mateials: $6,000 Beginning WIP - Conversion Costs: $2,600 Direc

Finding Equivalent Units and Total Production Costs

I need help solving questions for the following scenario: Surf Products Company, Inc. uses an automated process to clean and polish its souvenir items. For March, the company has the following activities: Beginning WIP Inventory: 3,000 units; 1/3 complete Units Placed in Production: 12,000 units Units Completed and Transfe

Various Accounting Calculations

Stanton Company use the following standards in the production of its only product: Direct Materials: 18 Pounds @ $25 per pound Direct Labor: 6 Hours @ $18 Per Hour During March, company records showed the following: Materials purchased: 12,000 Pounds @ $264,000 Materials used: 15,000 Pounds Direct Labor Hours: 4,700 Hours

Bauer Manufacturing Company, Inc.

Bauer Manufacturing Company, Inc. uses departmental cost driver rates to allocate manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine hours in the Machining Department and on the basis of direct labor-hours in the Assembly Department. At the beginning of 2008, the followin

Cost of Goods Manufactured, Gross Margin, Operating Income

Please help with the following problems. Please provide step by step calculations for each. 2. THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 2-4. Harding Company reports the following information: Beginning FG Inventory, 1/1/2008 = $80,000 Ending FG Inventory, 12/31/2008= $67,000 Cost of Goods Sold = $270,000 Sales Re

Bachman Corp: Contribution margin

I need help with the following: Bachman Corp. produces three products. Data concerning the selling prices and unit costs of the three products appear below: Product A B C Selling price $40 $50 $90 Variable costs 30

Impact on breakeven point if sale price, variable costs, and fixed costs change

Dependable Drivers Driving School charges $250 per student to prepare and administer written and driving tests. Variable costs of $100 per student include trainers' wages, study materials, and gasoline. Annual fixed costs of $75,000 include the training facility and fleet of cars. Requirements 1. For each of the following

Annual Report Quixote Consulting: Financial Highlights and President's Letter

Create the Financial Highlights and Presidents Letter to the Stockholders similar to what would be contained in a company's annual report. Companies normally issue these reports to the stockholders and other interested parties. These reports summarize the company's operating activities for the past year and plans for the futu

Precedents for Courts to Follow

What precedents must each of these courts follow: a. U.S. tax Court. b. U.S. Court of Federal Claims. c. U.S. District Court.

Access Database and Queries

I need some help with answering a couple questions below: - What are some of the advantages and the disadvantages of database forms? The efficiency and effectiveness of an Accounting Information System rests on the design of its Schema. A schema needs to be designed in such a way that it can easily answer the questions use

Tiger Pride

Tiger Pride produces two product lines: T-Shirts and Sweatshirts. Product profitability is analyzed as follows: T-SHIRTS SWEATSHIRTS Production & Sales Volume - Units 60,000 35,000 Selling Price $16.00 $29.00

Peggy's Pillows

Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold. Actual fixed manufacturing costs are the same as the amount budgeted for the month. Other information for the month includes: Variable manufacturing costs = $20.00 per

A Lovers' Triangle and the Passive Loss Rules; research as R&D

A Lovers' Triangle and the Passive Loss Rules. The troubled marriage of john and Eleanor finally reached an impasse, and they mutually agreed to divorce. shortly after the divorce was finalized, John married Kristen. The three have known each other for years from working together to harvest the grapes of a vineyard owned by j

Increase an organization's operating income

Could you please help me to understand these concepts: Explain how producing more products that can be sold in a period can increase the organization's operating income. Is this a sustainable tactic to increase the organization's operating income? Would this happen in a service type company or is it an issue only in manufacturi

This post addresses tax yields and related issues.

1. Do investors in high tax brackets or those in low tax brackets benefit more from tax-exempt securities? 2. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Which has the higher after-tax yield? 3. If taxes did not exist, would Treasury bonds offer a higher or lower yield than

Engagement Planning

What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?

This post addresses a distribution practice question.

A corporation that has both preferred and common stock has a deficit in accuulated earnings and profit at the beginning of the year. The current earnings and profits are $25,000. the corporation makes a divided distribution of $20,000 to the preferred shareholders and $10,000 to the common shareholders. How will the preferred

Jernigan Ltd. Quality cost problem report

Managerial Accounting problems 1. Jernigan Ltd. Is a textile manufacturer in the southeastern United States, with annual sales of $15 million. Jennigan is a weaver of high end upholstery fabric. Until just a few years ago, the US textile industry was the leading producer of such high-end fabric, but recent imp0rovement s in

costs assigned to the units transferred out

FIFO Aluminum processes a single type of aluminum. During the current period the following information was given: Units Materials Costs Converstion Costs Beginning Inventory 3,000 $4,500

B&B Electric Corporation: Two-variance overhead analysis

B&B Electric Corporation: Standard cost: Materials (2lb x $ per lb)...................................$10.00 Labor (4 hr x $6 per hr)....................................$24.00 Factory overhead (4 hr x #3.38* per hr............$13.52 total standard cost...........................................$47.52 * $1.00 variable +

Career Plan after Graduations

I need some help in answering the following: - Share your career plans after graduation and the specific steps you have taken to prepare for your career during college, including meeting with career services, attending workshops, job fairs, internships, networking events and other relevant career-related activity. If you have

Costs, Expenses and Performance

Please match the following items with the correct descriptions. Answer _____Activity-based costing _____Indirect Expenses _____Controllable Costs _____Joint Costs _____Transfer Price Answers A. Costs incurred to produce or purchase two or more products at the same time. B. Costs that are incurred for the joint bene

type of cost

In the Mattel factory they are spending hours upon hours making the new action figures for the upcoming film MATRIX IV-THE RISE OF NEO. In this process they are using tons of raw plastic to make the many different action figures needed to coincide with the film's anticipated debut. The cost of this raw plastic is not considered

Preferred shares for common shares at a specified rate?

1. Which of the following gives holders the option to exchange their preferred shares for common shares at a specified rate? Answer A. Convertible Preferred Stock B. Participating Preferred Stock C. Nonparticipating Preferred Stock D. Callable Preferred Stock 2. Carrie Funston was reviewing the bond ratings of

One-Time Tax and Tax Revenue

Please help with the following business-related problem. Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?

Federal taxation 2012

Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual. Be mindful that you are not researching foundations, such as the Bill and Melinda Gates Foundation for this assignment. Write a 3-4 page