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    Comprehensive Net Income

    What is included in other comprehensive income? Why are items included in other comprehensive income, but not included in net income? Should these items be included in net income or not included at all? Explain your answer.

    Amount of trade receivables and total cost per unit

    Please answer the following problems (see attached file for data) During July, sales of $350,000 were made of which 20% were in cash. Credit customers paid $303 800 after deducting a 2% cash discount. How much did the trade receivables (debtors) owe to the business at 31 July? A factory produces a product with a variable

    Hunter Company's Consolidated Net Income

    Hunter Company's separate operating income for 2009 is $1,400,000. Its 80-percent-owned subsidiary, Moss Company, reported net income for 2009 of $1,140,000. On January 1, 2005, Hunter sold equipment with a book value of $80,000 to Moss for $110,000. The equipment had a remaining economic life of ten years at the time of sale to

    pretax financial income, income tax expense, deferred income payable

    The following facts relate to McKane Corporation 1. Deferred tax liability, January 1, 2010, $60,000 2. Deferred tax asset January 1, 2010 $20,000 3. Taxable income for 2010, $115,000 4. Cumulative temporary difference at December 31, 2010 giving rise to future 5. Cumulative temporary difference at December 31, 2010 giving

    This posting addresses the presentation of deferred taxes.

    At December 31, 2010 Cascade had a net deferred tax liability of $45,000. An explanation of items that compose the balance is as follows Temp differences: Resulting balance in deferred taxes: -Excess tax depreciation over book depreciation $200,000 -Accrua

    Gain realized and recognized

    Kevin exchanges an office building used in business for one owned by Charlene. The FMV of Kevin's building is $280,000 (basis $150,000) and it is subject to a mortgage of $50,000, which is assumed by Charlene. Kevin receives $30,000 cash and Charlene's office building, which has a FMV of $200,000 (basis of $180,000). a. What is

    fiduciary duty

    What is a manager's fiduciary duty? It is not management that has this responsibility per se, but the owner of an incorporated business selling stocks. Such businesses MUST make money for their shareholders as part of their fiduciary duty/responsibility.

    Supply, demand, and price controls of beef and eggs

    Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?

    Accounting Standards and Activity Based Management

    Please help answer the following question. Provide at least 200 words and include references. How do you think Accounting Standards and Activity Based Management will affect the accounting profession and the work accountants perform?

    Partnership's bottom line net income

    Keenie Beenie Partners has gross operating revenue of $400,000, cost of sales of %150,000, employee salaries of $40,000, a $25,000 Section 179 expense deduction, $10,000 of other depreciation, interest income of $3,000, a $4,000 capital loss, and a $600 charitable contribution deduction. a. What are the partnership's bottom

    Comment on the firm's (XYZ Corporation's) performance measures.

    Scenario XYZ Corporation is a law firm in Spain. Started in 2007 with just 2 lawyers, the firm has now grown to 30 lawyers and 4 branches in Spain. The firm services mainly Small Medium Companies and walk-in retail clients. Their business has been doing well as they are known for their quality legal services at affordable

    planning is a waste of time

    The son of the owner of your company recently got promoted to the position of Vice President of Finance and Planning. However, he has said in meetings 'planning is a waste of time....things always keep changing. We just have to stay on top of things and be able to react to opportunity when it comes our way!' Do you agree? Is th

    ROI for each division and residual income

    Capital inv. has three divisions. each division's required rate of return is 15% planned operating for 20x5 are as follows: A : operating income 15,000,000 investment 100,000,000 B : 25,000,000 125,000,000 C : 11,000,000 50,000,

    step down method

    Your company has two service departments and two production departments. last year SD1 provided 60,000 hrs of service to SD2, 20,000 hrs service to PD1 and 40,000 hrs service to PD2. SD2 provided 30,000 hrs service to SD1, 10,000 hrs to PD1 and 40,000 hrs to PD2. Costs prior to allocation were $200,000 in SD1 and $200,000 in

    Relevant calculations for the aforementioned mileage problem.

    Please help with Assume your jeep vehicle gets 15 mpg and at the time of purchase expected gasoline prices to average $5 per gallon over the next three years. How many miles would you have to drive the vehicle in the next three years to make the guarantee more attractive than the $4500 discount?

    What is the allowable range of transfer prices?

    Your company has 2 divisions, one in the US and one in Ireland. The division in the US is taxed at a rate of 40% and the division in Ireland is taxed at a rate of 10%. The division in Ireland produces a product with a full cost of $90/unit (translated into US dollars). This product has a market price of $120/unit (in US dollars

    accounting scenarios

    1) Accounting standard setting has been characterized as a political process. Discuss this proposition giving an example. 2) Briefly explain what is meant by a subsequent event. Give two examples of subsequent events. 3) Briefly explain why the income statement is referred to as a change statement. 4) You have recently been h

    Tax issues for sale of land owned by a company

    A company is doing very well, but the land the company owns is very valuable. A developer approaches the company and offers to purchase the land for $3 million. What are some tax issues relating to the potential disposition of the land for the company and the owners of the business? Does the type of entity through which the b

    Allison's allowable deductions from AGI

    Allison, who is single, incurred $4,000 for unreimbursed employee expenses, $10,000 for mortgage interest and real estate taxes on her home, and $500 for investment counseling fees. Allison's AGI is $80,000. Allison's allowable deductions from AGI are (after limitations have been applied) A) $10,500. B) $12,900. C) $14,000.

    Partner Reporting of Partnership Items

    Please help with the following problems. Rocky and Charlie form RC Partnership as equal partners. Rocky contributes $100,000 into RC while Charlie contributes real estate with a fair market value of $100,000. During the current year, RC earned net income of $600,000. The partnership distributes $200,000 to each partner. The

    Calculate Chris's tax liability or refund for 2010.

    Chris, a single taxpayer, had the following income and deductions during 2010? Salary $55,000 Interest on bank account 300 Tax-exempt interest 200 Deduction for AGI 4,000 Itemized deductions 8,000 Taxes withheld 6,500 Calculate Chris's tax liability or refund for 2010.

    What is the total tax paid on both corporate income and the corporate dividends?

    Please help with the following problem. During the current tax year, Charlie Corporation generated gross income of $1,800,000 and had ordinary and necessary deductions of $1,300,000, resulting in taxable income of $500,000. If Charlie Corporation paid qualifying dividends of $200,000 to shareholders, all of whom are in the 2