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Calculations for Rivera Corporation and Melrose Inc.

Problem 1. The following information is for a product manufactured and sold by Rivera Corporation: Sales price per unit, $30 Variable cost per unit, $20 Total fixed costs, $200,000 Last year, Rivera earned a profit of $60,000 Required: 1) How many units did Rivera sell last year? 2) Rivera's managers are considering dec

Accounting Homework Assistance

2. Elite Industries is a division of Nifco, a diversified manufacturer whose divisions are profit centers. Elite makes a single product, X47, in its plant, which has a capacity of 18,000 units/month. At the normal volume of 10,000 units/month, X47 has a unit cost of $750, consisting of: direct materials, $260; direct labor, $180

Accounting Calculations for Wasson Corporation

Shown below are the amounts from the stockholders' equity section of the balance sheets of Wasson Corporation for the years ended December 31, 2010 and 2011. 2011 2010 Stockholders' equity: Capital Stock

Variance Analysis..

Please see attachment! Q1. (12 marks ) Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: (image attached) From the above information, compute the following variances. Show whether the variance is favourable (F) or unfavourabl

Case 14-1 Pet Groom & Clean Case

See attached case file. 1. Develop an analysis (sales, direct cost variance and the role of non-financial performance measures). 2. It must be report type. If you need to add charts or tables, you can do so.

Taxation: Marriage penalty, AMT exemption, FICA tax

1. In 2011, Lisa and Fred, a married couple, have taxable income of $795,000. If they were to file separate tax returns, Lisa would have reported taxable income of $380,000 and Fred would have reported taxable income of $415,000. What is the couple's marriage penalty or benefit? 2. Olga is married and files a joint tax

Nevin Company: Allocate Budgeted Overhead Cost to Products

See attached file for proper format. Nevin Company makes three products in its factory: plastic cups, plastic table cloths, and plastic bottles. The expected overhead costs for the next fiscal year include the following: Factory manager's salary $260,000.00 Factory utility cost $121,000.00 Factory supplies $56,000.00 Tota

Interpreting Target Corporation's Annual Report

Annual Report Project 1. Identify and explain the main sections of Targetââ?¬â?¢s annual report. Financial Summary ââ?¬" This section reports the totalor per share amounts for five to ten financial items for the current year and one or more previous years. Financial items from the income statement and the banance

Brief summary of economic costs and how they are different from accounting costs

1. Give a brief summary of economic costs (i.e. how are they different from accounting costs). In the short-run, why might a firm still operate even when there is a loss. 2. Read the following short article: Vargas, L. (2001). ââ?¬Å"Maquiladoras: Impact on Texas Border Cities,ââ?¬Â? in The Border Economy, Federal R

Accounting: Tax Reform

Can you help me get started on this assignment? 1. Research the most common tax loopholes used by corporations and partnership to avoid paying federal income tax. Discuss two (2) loopholes identified and what strategies you would recommend to the federal government for closing these loopholes. 2. Evaluate whether or not the

Traditional vs. ABC Costing

$30,000 was allocated to overhead costs. The cost of labor is $3 for product A and $3.50 for product B. Total number of A produced is 3000 and B produced is 3000. Direct Material cost for A is $10 and for B is $10.50.The overhead is charged on basis of labor cost. Out of the $30,000 allocated to overhead costs, $10,000 is rela

Calculate the productive measures.

A farmer grows two crops: lettuce and beans. The farmer uses three inputs: labor, seed and fertilizer. The past prices and the quantities of each are given in the following tables: Physical Quantities Past

Using Scatter Diagrams

Why are scatter diagrams useful? What are some difficulties in creating scatter diagrams? Give some examples of using a scatter diagram. Info on a scatter diagram: The Scatter Diagram shows how the values of two variables relate to one another. Is there a relationship and can one variable be used to predict another variable?

Taxation: Realized vs recognized gain on sale, adjusted basis, like kind exchange

1. On November 4, 2008, Ezra purchased 2,000 shares of DDD stock for $12,000. On June 12, 2010, Ezra sold the 2,000 shares for $9,000. On June 30, 2010, he purchased 1,000 shares of DDD stock for $5,000. What is Ezra's realized gain or loss and his recognized gain or loss on the June 12, 2010 sale? What is his basis in the st

Tax accounting

Sean is 42 years old. His employer provides him with $300,000 of group term life insurance as a fringe benefit. The policy costs his employer $40 per month. For tax purposes, how much income does Sean have if a. the benefit is provided on a nondiscriminatory basis? b. the benefit discriminates in favor of key employee

Bianca Bicycle Company: Variable Costing and Absorption Costing

Bianca Bicycle Company manufactures mountain bikes with a variable cost of $208. The bicycles sell for $390 each. Budgeted fixed manufacturing overhead for the most recent year was $3,080,000. Planned and actual production for the year were the same. 1. Production 20,000 units Sales 23,400 units 2. Produ

Tax plan for the Republic of Vadar

Personal Income Tax and Revenue Forecasting. When the Soviet Union bloc broke up in the early 1990's, the Republic of Vadar declared its independence. As the country established a monetary system, democratic processes, and a controlled fiscal system, the early problems of hyperinflation, unemployment, and declining standards

Various Accounting-Related Problems

1) Aspen company produces widgets. August production costs are below: Widgets produced 80,000 Direct material (variable) $20,000 Direct labor (variable) $40,000 Supplies (variable) $20,000 Supervision (fixed) $30,000 Depreciation (fixed) $25,000 Other (fixed) $5,000 Total

Should Emily and Richard use a partnership form for apartment

Emily and Richard are interested in purchasing a large 140-unit apartment complex using a partnership. They are wondering the general advantages and disadvantages of partnership formation, as well as the tax issues of partnership. Advise Emily and Richard about forming a partnership. What are at least 2 taxation issues th

A local ophthalmologist's advertising campaign included a certificate for a free radical keratotomy for the lucky winner of a drawing. Ahmad held the winning ticket, which was drawn in December 2007. Ahmad had no vision problems and was uncertain what he should do with the prize. In February 2008, Ahmad's daughter, who lives with his former wife, was diagnosed with a vision problem that could be treated with either prescription glasses or a radial keratotomy. The divorce degree requires that Ahmad pay for all medical expenses incurred for his daughter. Identify the relevant tax issues for Ahmad. 2. Julia owns a principal residence in California, a condo in New York City, and a houseboat in Florida. All of the properties have mortgages on which Julia pays interest. What are the limitations on Julia's mortgage interest deduction? What strategy should Julia consider to maximize her mortgage interest deduction? 3. Jerry purchased a personal residence from Kim. In order to sell the residence, Kim agreed to pay $3,000 in points related to Jerry's mortgage. Discuss the deductibility of the points. 4. Even though Sylvia is a full-time employee at a major software developer, she has never given up her love for pottery. For many years, she has spent evenings and weekends working to develop a profitable pottery business by making original pieces to sell to the general public. How should Sylvia treat the income or loss generated by her pottery venture? What are the tax issues? 5. Laura owns an apartment building and videocassette and DVD rental business. She participates for more than 500 hours in the operations of each activity. Are the businesses active or passive? Explain.

1. A local ophthalmologist's advertising campaign included a certificate for a free radical keratotomy for the lucky winner of a drawing. Ahmad held the winning ticket, which was drawn in December 2007. Ahmad had no vision problems and was uncertain what he should do with the prize. In February 2008, Ahmad's daughter, who lives

Minimum transfer price

The heating division of ITA International produces a heating element that it sells to its customers for $42 per unit. Its variable cost per unit is $19, and its fixed cost per unit is $10. Top management of ITA International would like the heating division to transfer 15,000 heating units to another division within the company a

Intermediate Accounting, Kieso, Weygandt, and Warfield, 14th edition; Wiley.

Accounting 350 - Computer Spreadsheet Assignment #2 (Chapter 7) Dusty Horseman Corporation provides the following aging schedule of accounts receivable at December 31, 2011. The balance in the Allowance for Doubtful Accounts was $175,000 at January 1. During the year, $159,000 of bad debts were written off. Classificat

Bannister Case: Variance Analysis

See Attached file for proper format of tables. Bannister Case Bannister manufactures tennis rackets and uses a standard costing system. The master budget income statement for April was based on the expectation of producing 10,000 units and selling 12,000 units. The budgeted sales price was $16 per unit, and total budgete

Ten definitions of the value of a stock for Dr. Washington

Given that Dr. Washington wants to make stocks a major part of his investment portfolio, you decide to focus on how to analyze stocks. You decide to use a large U.S. industrial company, to demonstrate how to analyze stocks. The research department has provided you with the following information regarding this company. This

Taxation: Tax liability for Gigantic Corporation; AMT for Margolin Corporation

Please help with the following accounting problem. What is Gigantic Corporation's net tax liability if its taxable income is $325,000 and it has a general business credit of $125,000? Margolin Corporation has regular taxable income of $120,000. It has positive adjustment of $90,000, preference items of $50,000 and negati

Location strategies

The Bakers Dozen Restaurant is considering opening a new location. It has considered many factors and identified the ones that are most important. Two locations are being evaluated based on these factors, using factor rating. Each location has been evaluated relative to the factors on a 5-point scale. These numbers are shown her