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.
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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 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
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
What are the three ways that other comprehensive income may be reported? Please elaborate on what comprehensive income is and is not.
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
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
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.
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?
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?
What are the differences and similarities between Enron and WorldCom cases and their accounting information
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
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
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
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,
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
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?
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
Playing devil's advocate could you just not prepare financial information? Wouldn't it be advantageous to a company to not segregate the information with the hopes of maintaining a competitive advantage? Please explain if Pepsi is launching a new water product but they are in the infant stages of doing so wouldn't it be to
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
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, 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.
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
Mr. and Mrs. West's adjusted gross income was $90,000. During the current year they incurred and paid the following:
Mr. and Mrs. West's adjusted gross income was $90,000. During the current year they incurred and paid the following: Publications (unreimbursed and related to employment) $2,000 Tax return preparation fee 1,000 Dues to professional organizations 1,500 Fees for will preparation (no tax advice) 800 Life insurance premiums 1
What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled? If the prices of Coca-Cola and Pepsi remained constant, what would be the consumer's typical buying response to these products if their income was reduced by 30%? Suppose all carbonated beverages tripled in price. How would the concepts of uti
Assuming the consumer is rational, how can utility affect their economic decisions? Does utility lead to more or less customer satisfaction? Why or why not?
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.
Brad and Angie had the following income and deductions during 2010: Salaries $100,000 Interest income 10,000 Itemized deduction 16,000 Taxes withheld during year 14,000 Calculate Brad and Angie's tax liability or refund, assuming that they have 2 personal exemptions. They file a joint tax return.
During the current tax year, Frank Corporation generated gross income of $1,900,000 and had ordinary and necessary deductions of $1,400,000. What is the amount of Frank's corporate income tax for the year?
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