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Bruce and Bob organize Black LLC on May 10 of the current year. What is the entity's default taxclassification ? Are any alternative classification(s) available ? If so, (1) how do Bruce and Bob elect the alternative classification(s) and (2) what are the tax consequences of doing so ?

Bruce and Bob organize Black LLC on May 10 of the current year. What is the entity's default taxclassification ? Are any alternative classification(s) available ? If so, (1) how do Bruce and Bob elect the alternative classification(s) and (2) what are the tax consequences of doing so ?

Earnings Per Share: But Why Is EPS Different if Income Is the Same?

But Why Is EPS Different if Income Is the Same? Fredrica Brown has $200.000 that she plans to invest in growth stocks. She has narâ?¢ rowed her choices to two companies in the same industry, White Inc. and Adam Inc. Each company has a documented history of growth and an established,strong position within the industry. Last

Over- and Under-Applied Overhead & Extraordinary items

(1) An insurance investigator is reconstructing the records of AXYCompany. Some data were destroyed in a fire, but the following data for the fiscal year survived (there was no over or under applied overhead): Sales $ 44,000 Purchases of direct materials 8,000 Factory overhead 13,000 Sales commissions 2,000 Direct labor

High low method corporations

Inspection costs at one of Krivanek Corporation's factories are listed below: Units Produced Inspection cost January 630 $8850 February 615

Variable and Absorption Costing (Accounting)

XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Sales 500 units Production 1,000 units Costs Variable manufacturing $ 400 Fixed manufacturing 800 Variable selling 400 Fixed selling 200 a) Prepare an income statement based on variable costing. b) Prepare

Face Value of Debt

You need to choose between the following types of issues: ? A public issue of $10 million face value of 10-year debt. The interest rate on the debt would be 8.0%, and the debt would be issued at face value. The underwriting spread would be 1.9%, and other expenses would be $83,000. ? A private placement of $1


Detailed explanation and calculation on how to calculate break even and use it to solve business problems and make decisions.

Calculate the Proceeds from Bonds

On January 1, 2010, Taught Inc., issued a $15 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2029. Calculate the proceeds (issue price) of Taught Inc.'s, bonds on January 1, 2010, assuming t

Production Cost Per Unit using Absorption Costing

Reject Corporation reports the following information regarding its production costs. Compute its production cost per unit under absorption costing. Direct Materials............ $10 per unit Direct Labor................... $20 per unit Overhead costs for the year Variable overhead........ $10 per unit

Absorption Costing

Under absorption costing a company had the following per unit costs when 10,000 units were produced. Direct Labor ................................... $2 Direct Materials............................. 3 Variable Overhad......................... 4 Total Variable Cost ................................$9 Fixed overhead ($5

Internal Controls and Cash Reconciliations

C 7 - Internal Control & Cash 1. Which one of the following is NOT a main purpose of internal control? a. Safeguard a company's assets from employee theft and unauthorized use. b. Enhance the accuracy and reliability of a company's accounting records. c. Prevent insider trading 2. Which one of the following is NOT a r

Amount of Cash Dividends Declared During the Year

6. Ace Company's retained earnings account on 1.1.11 was a debit balance of $10,000. During 2012, the company had a net income of $50,000. The 1.1.12 balance of the account was $20,000. What amount of cash dividends was declared during the year? See the attached file.

Determining Total Assets: Perez Company

The total assets of Perez Company were $1,950,000 at the beginning of the year and $1,830,000 at the end of the year. The company reported net income of $225,000 and interest expense of $30,000 during the year. The company's income tax rate was 30%. What was the company's return on total assets for the year? How may this inform

Accounts Receivable Balance Problem

Please help with the following problem. Please provide step by step calculations. Sinatra Company reported $540,000 in sales on account last year. The company's accounts receivable balance increased from $30,000 at the beginning of the year to $54,000 at the end of the year. What was the company's average collection period (

An election is being held to fill three seats on the board

An election is being held to fill three seats on the board of directors of a firm in which you hold stock. The company has 5,800 shares outstanding. If the election is conducted under cumulative voting and you own 300 shares, how many more shares must you buy to be assured of earning a seat on the board?

Accounting Information System Replacement

A publicly traded company needs to replace its accounting information system (AIS) within the next 18 months. The company has funding and resources to handle the replacement, so cost is not a concern. The company has several choices: a. Purchase an off-the shelf accounting system from Oracle (PeopleSoft Enterprise Financial

Winnepeg Corporation Operating Assets

Winnepeg Corporation is concerned about managing its operating assets and liabilities efficiently. Inventories have an average age of 110 days, and accounts receivable have an average age of 50 days. Accounts payable are paid approximately 40 days after they arise. The firm has annual sales of $36 million, its cost of goods sold

Zero Balance Account

Carbide Corporation is examining its operating cash management. One of the options the firm is considering is a zero-balance account (ZBA). The firm's bank is offering a ZBA with monthly charges of $1,500, and the bank estimates that the firm can expect to earn 8% on its short-term investments. Determine the minimum average

Managerial Accounting

Describe the role of managerial accounting in your current or former place of business.

accounting practice quiz

1. If a company purchases equipment for $65,000 by issuing a note payable: A. Total assets will increase by $65,000. B. Total assets will decrease by $65,000. C. Total assets will remain the same. D. The company's total owners' equity will decrease. 2. Which of the following is not a generally accepted accounting princip

NPC Overhead variances

NPC developed its overhead application rate from the annual budget. The budget is based on an expected total output of 720,000 units requiring 3,600,000 machine hours. The company is able to schedule production uniformly throughout the year. A total of 66,000 units requiring 315,000 machine hours were produced during May. Actua

Madisen Company, net cash flow, others

Investing transactions that do not directly and immediately affect cash are: included in the statement of cash flows. not reported anywhere in the financial statements reported separately on a supplemental schedule to the statement of cash flows. reported separately on the balance sheet. The FASB decided that the al

Discusing Transparency and Disclosure

Transparency and Disclosure: A company's overall policy for controlling and disseminating inside information must meet the standards for transparency and disclosure. However, if a company is in a highly competitive industry "where it has a close rival competing on price, quality, and service". (1) What would the company's sp

Indicate to which account Jupiter would debit each of the costs.

Jupiter Company incurred the following costs. 1. Sales tax on factory machinery purchased $ 5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Cost of paving parking lot for new building constructed 17,900 4. Real estate broker's commission on land purchased 3,500 5. Insurance premium paid for fi