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Accounting

E & P Deficit

Atlantic Corporation, a calendar-year taxpayer, has $120,000 of accumulated E & P deficit as of January 1. Atlantic's current E & P is $40,000. The corporation makes a $50,000 distribution to its shareholders. (Shareholders have stock basis of $60,000.. How is the $50,000 distribution to the shareholders characterized by the sha

Income Tax Fundamentals

Please see attached. ______________________________________________________________________________________________________________ 1. Brad and Kate received $9,500 for rent from Mike and Janet, who are renting their home in California. Brad and Kate did not use this property for personal use. The rent covers eight months

Detailed analysis of the costs of quality: Lager Corp

Lager Corp. produces and supplies automotive manufactures with the mechanisms used to adjust the positions of front seating units. Several competitors have recently entered the market, and management is concerned that the quality of the company's current products may be surpassed by the quality of the new competitors' products.

The Doe Company sells three products

The Doe Company sells three products: sliced pineapples, crushed pineapples, and pineapple juice. The pineapple juice is a by-product of sliced pineapple, while crushed pineapples and sliced pineapples are produced simultaneously form the same pineapple. Some pineapple slices break, and these are used to make crushed pineapple.

Management accounting and costs accounting

Which of the following is more relevant to management accounting than to costs accounting: a. accumulation and determination of product or service costs b. income measurement and inventory valuation c. generally accepted accounting principles d. providing mangers information for planning and control purposes

Incremental Analysis Examples

What is incremental analysis? Provide an example, using numbers, of how incremental analysis might be used to make business decisions.

Consider the following information, prepared based on a capacity of 40,000 units

1) Consider the following information, prepared based on a capacity of 40,000 units: Category Cost per Unit Variable manufacturing costs $5.00 Fixed manufacturing costs $1.50 Variable marketing costs $1.00 Fixed marketing costs $0.50 Capacity cannot be added in the short run and the firm currently sells the product for

Eddie Kelly is running for reelection as mayor of a small town in Alabama

Eddie Kelly is running for reelection as mayor of a small town in Alabama. Jessica Martinez, Kelly's campaign manager during this election, is planning the marketing campaign, and there is some stiff competition. Martinez has selected four ways to advertise: television ads, radio ads, billboards, and newspaper ads. The costs of

All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno. In 2011, the corporation generates taxable income of $30,000 from its active business

All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno. In 2011, the corporation generates taxable income of $30,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity. How much i

Type A reorganization

Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000. Although Shipyard had no accumulated earnings and profits, its current earnings and profits from its calendar year 2011 operations totaled $40,000. W

Transfer Pricing: Performance Evaluation Issues.

P19.34 Transfer Pricing: Performance Evaluation Issues. Tallahassee Division of Gulf South. The Tallahassee Division (TO) of Gulf South Corporation, operating at capacity, has been asked by Jaydee division to supply it with electrical fitting no. 1726. TD sells this part to its regular customers for $15.00 each. Jaydee, whi

various rates of pay among the different major groups employees

Differentiate between the various rates of pay among the different major groups of employees, and include information about the differences between exempt and nonexempt employees. Discuss how wage and hour legislation has affected employment practices.

Yazmin's New Business

Yazmin began a new business and set up her company as an S-Corporation. At formation, she contributed cash of $20,000 and property that had a value of $200,000 and basis of $150,000. In year one, Yazmin also lent the S-corporation an additional $100,000 in a properly executed note. The corporation paid Yazmin $5,000 in intere

Shin Corporation had a projected benefit obligation

(BE20-7) Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2010. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1, 2010. The average remaining service period of Shin's employees is 7.5 years. Compute Shin's minimum amortization of the actu

Phan Mai is a single taxpayer with two dependent children under age 17

Phan Mai is a single taxpayer with two dependent children under age 17. Phan estimates her wages for the year will be $36,000 and her itemized deductions will be $11,000. Assuming Phan files as head of household, determine the number of withholding allowances Phan should claim. Whcih form should be used to report following pa

Santo Corporation was granted a patent on a product on January 1, 1999

Santo Corporation was granted a patent on a product on January 1, 1999. To protect its patent, the corporation purchased on January 1, 2008 a patent on a competing product which was originally issued on January 1, 2004. Because of its unique plant, Santo Corporation does not feel the competing patent can be used in producing a

Keegan Corp, Deferred Cash Basis, M.Choice

On August 1, 2012, Kegan Corporation purchased a new machine on a deferred payment basis. A down payment of $3,000 was made and 4 monthly instalments of $4,000 each are to be made beginning on September 1, 2012. The cash equivalent price of the machine was $16,200. Kegan incurred and paid installation costs amounting to $500. Th

Colin Boyd, "The Structural Origins of Conflicts of Interest in the Accounting Profession" details the events that led to the collapse of Enron and scandals at other companies

Colin Boyd, "The Structural Origins of Conflicts of Interest in the Accounting Profession" details the events that led to the collapse of Enron and scandals at other companies. Do you believe that corporate capital punishment was a just outcome for Arthur Andersen and its many employees and partners? Why, or why not? Appeal to

Prepare adjusting entry for prepaid expenses: Orlow Co. 2006

Prepare adjusting entry for prepaid expenses. On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

Operating income at a volume of 4,000 unit

Selling price per unit $100 Variable expenses per unit $40 Fixed expenses per month $60,000 Operating income at a volume of 4,000 unit per month is: a. 240,000 b. 200,000 c. 180,000 d. 120, 000

Accounting- Bella Company

13. Bella Company is considering purchasing new equipment for $450,000. It is expected that the equipment will produce net annual cash flows of $50,000 over its 10-year useful life. Annual dpreciation will be $45,000. Compute the cash payback period. 17. Caine Bottling Corporation is considering the purchase of a new bottlin

Products A, B, and C are produced from a single raw material input

Products A, B, and C are produced from a single raw material input. The Raw material costs $90,000 from which 5,000 units of A, 10,000 units from B, and 15,000 units of C can be produced each period. Product A can be sold at the split off point for $2 per unit, or it can be processed further at a cost of $12,500 and then sold fo