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    Tax planning for a calendar year

    Mona, a calendar-year taxpayer, uses the cash-basis method of accounting for her whole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Mona can pay the $20,000 bill any time before January 30 of next year without penalty. Assume her margin

    Tax Expense and Deferred Tax (Roosterfish Case Study)

    ROOSTERFISH CORPORATION Roosterfish had a tax liability for 20X7 of $20,000 based on a tax rate of 40%. The accounting staff of Roosterfish is having trouble putting together the 20X7 financials. They need your help in determining the tax expense and deferred tax amounts for 20X7. The enacted tax rates for the future peri

    Price Considerations and the Internet

    How has the Internet affected price considerations? Analyze several different industries, such as airlines, sales, hotel reservations, and book sales.

    Smithton, Inc.- Calculate the Budgeted Profit

    Smithton, Inc. makes and sells one product, the standard costs of which are as follows: Direct materials (2 kg at 3.00/kg) = 6.00 Direct labour (30 minutes at 10.00/hr) = 5.00 Fixed overheads = 2.50 Total = 13.50 Selling price = 20.00 Standard profit margin = 6.50 The monthly production and sales are planned to be

    Cash Outflow Irregularities: Check tamper in, suspect list

    Client Consultation: The internal auditor from a Fortune 500 company would like to have a consultation with your forensic accounting firm. The internal auditor and members of the staff suspect irregularities in cash outflows, specifically in the areas of check tampering and employee reimbursements. Question 1: What is ch

    Explorer Corporation: Calculate the equivalent units

    Explorer Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Materials costs $10,500 -- 75% complete Conversion costs $6,400 --

    Absorption Costing: Calculating the Unit Product Cost

    Billy Bing Ping Pong Corporation manufactures a single product, premium pink ping pong balls. Each premium pink ping pong ball sells for $500.00 each. Selected operating information from last month is as follows: Variable costs per unit: Direct materials $17.50 Direct labor $5.33 Manufacturing overhead $2.50 Selling &

    Units Needed to Achieve a Target Net Operating Income

    The small table of figures has been provided by a semi-new company called Prodigy Corp. that has requested your assistance as a financial analysts. Please read the data below and answer the question beneath it.: Sales per period 5,000 units Selling price $60 per un

    Units sold to earn Pretax Income of $10000

    Wise Company sells walkers for $750 per walker. The unit variable cost per walker is $325. Fixed manufacturing costs total $5,500 per month, and fixed selling and administrative costs total $10,000. How many walkers must be sold to earn a pretax income of $10,000?

    Calculating Taxes Withheld and Net Pay

    Reaves Professional Services has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earning $3000 per week $2

    Smith Corp. East Corp., Terry Transport, Merrick - Tax Entry

    Question 1 Smith Corp. received cash of $20,000 that was included in revenues in its 2011 financial statements, of which $12,000 will not be taxable until 2012. Smith's enacted tax rate is 30% for 2011, and 25% for 2012. What amount should Scott report in its 2011 balance sheet for deferred income tax liability? Show calcula

    Incorporate the Internal Service Fund

    The city of Brookville maintains its books to prepare fund accounting statements. It prepares worksheet adjustments in order to prepare government-wide statements. As such, Brookville's internal service fund--a print shop fund--is included in the proprietary funds statements. Required: Prepare necessary adjustments in orde

    Not-for-Profit Accounting

    Prepare a schedule of direct and overlapping debt for the city of Forest, which is located within Forest County and Forest School District. The net assessed valuation of properties in the three governments was as follows: City, $150 million; County, $500 million; School District, $200 million. The net debt for each of the govern

    Not-for-Profit Accounting

    Southern State University has chosen to report as a public university, reporting as a special-purpose entity engaged only in business-type activities. Deferred revenues were reported as of July 1, 2004, in the amount of $5,500,000. Record the following transactions related to revenue recognition for the year ending June 30, 2005

    Pearce Company, Morrison Sanitation, absorption step-down

    Problem 1 The Pearce Company had the following actual data for 2008: Units of finished goods Opening inventory - Production 14,000 Sales 12,500 Ending inventory 1,500 The basic production data at standard unit costs for the two years were: Direct materials $25 Direct labor 17 Variable factory overhead 3 St

    Calculating Both the Accounting Profit and the Economic Profit

    Provide assistance with this problem. Given the following data please calculate both the accounting profit and the economic profit. Sales = $500 Cost of Goods Sold = $350 General & Administrative = $100 The Opportunity cost of the two owners foregoing their salaries estimated at $50K each.

    Absorption Method: Calculating Bonuses and Subjects

    Basic Budget Units in beginning inventory 0 Units produced 400,000 Units sold 400,000 Units in ending inventory 0 Variable costs per unit: Direct materials $57.20 Direct labor 15.00 Variable manufacturing overhead 5.00 Variable selling and administrative 10.00 Total variabl

    Income Tax

    Jack has taxable income of $65,000. He is a single tax filer, and his federal income tax rates on the first $8,350 is 10 percent; it is 15 percent on income from $8,350 to $33,950 and 25 percent on income from $33,950 up to $82,250. What is Jack's federal income tax liability; what is his marginal rate and why would he care? Fin

    Activity Based Costing versus traditional overhead allocation method

    Activity-based costing versus traditional overhead allocation methods. Galvest Industries manufactures and sells custom made windows. Its job costing system was designed using and activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufa

    Product Costing - Manufacturing Overhead

    Product Costing - Manufacturing Overhead-Over/Under applied LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to work in process inventory using th

    Calculating an earning per share problem

    Determine a firm's earnings per share from the following information. (all in $) Corporate income tax rate 25% Number of shares outstanding 10,000 Cost of goods sold $60,000 Interest earned 2

    Product vs. Period costs

    Distinguish between product costs and period costs as they relate to inventory. Please give examples of both. In what type of business would we find product costs?

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