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Accounting

Taxation: Calculate the corporation's taxable income

PLEASE SHOW ALL WORK A corporation has $400,000 of before-tax book income. In determining this, the corporation included $50,000 from an insurance policy paid because of the controller's death, $4,000 of premiums on other key-person life insurance policies, $10,000 interest on State of Nevada bonds, an addition of $15,000 to

Chef Gourmet, Inc: Production Decisions; Limited Capacity

Chef Gourmet, Inc. has assembled the following data pertaining to its two most popular products. Blender Food Processor Direct Material $18 $33 Direct Labor 12 27 Manufacturing overhead@ $48 per machine hour 48 96 Cost if purchased from an outside supplier 60 114 Annual demand (units) 2

Use Incremental Analysis for Make or Buy Decision (SY Telc)

** See ATTACHED file(s) for complete details ** SY Telc has recently started the manufacture of RecRobo, a three-wheeled robot that scans a home for fires and gas leaks and then transmits the information to a mobile phone. The cost structure to manufacture 20,000 RecRobo's is as follows. (see attachment) SY Telc is approac

Indicate the effects of the transaction

Indicate the effects of the transaction on each of the following: net profit, retained earnings, total stockholders' equity. Use + to indicate an increase, - to indicate a decrease, and 0 to indicate no effect (1) A stock dividend is declared and paid (2) Merchandise is purchased on credit (3) Marketable securities are sold a

Prepare Income Statements and Work Sheets

Base your answer to Problem 1 on the following information. 1. The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2: Cash

Accounting Help Needed

Good Evening, Please help with the attached problems. Thank you. The editor of Spunk Magazine is considering three alternative prices for her new monthly periodical. Her estimate of price and quantity demanded are: Quantity Price Demanded $6.95 20,000 $5.95 25,000 $4.95 32,000

Computation, Recording, and Funding of Pension Expense

Problem 17-43 Computation, Recording, and Funding of Pension Expense Averon Industrial, Inc., computed the following components of pension expense for the years 2011-2013: (In thousands) Components of Pension Expense 2011 2012 2013 Service cost.............................................................

Accounting Literature: Match the description to the pronouncements

Match the description to the pronouncements. 1. _____ Staff Positions 2. _____ Interpretations (of the Financial Accounting Standards Board) 3. _____ Statement of Financial Accounting Standards 4. _____ EITF Statements 5. _____ Opinions 6. _____ Statement of Financial Accounting Concepts (a) Official pronouncements of

Accouting Problems

A) Irrelevant costs include costs that are: 1 different among alternatives. 2 avoidable. 3 sunk. 4 opportunity costs. b) The difference in total costs between two alternatives is referred to as the: 1 direct cost. 2 incremental cost. 3 sunk cost. 4 opportu

Accounting Questions (3 of 5)

Please help with the attached questions. Total of 5 files. - I am attaching each file separately. File 3 of 5 Question 13: The Nelson Company experienced the following costs in 2007: During 2007 the company manufactured 120,000 units and sold 145,000 units. Assume the same unit costs in all years. Total variab

Absorption vs. Variable Costing

Lang Glass Company makes stained glass lamps. Each lamp that it sells for $210 per lamp requires $12 of direct materials and $48 of direct labor. Fixed overhead costs are expected to be $135,000 per year. Lang Glass expects to sell 1,000 lamps during the coming year. Selling and administrative expenses were zero. Required.

Equity income in Steinbart to be reported by Alex

Alex, Inc, buys 40 percent of Steinbart Company on January 1, 2008 for $530000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.2 million. Any excess of cost over book value is attributable to trade name with a 20-year remaining life. Steinbart immediatlely begins suppling inventory

Taxing Non-Cash Winnings; Bad Debt Deduction; Tax Base

1.Tom Y, a longtime client and golfing buddy, has asked you to prepare his tax return. In looking at the material he has prepared for you, you notice that he has not mentioned the BMW that he won in the annual club tournament. When you ask Tom about this, he says that he knows that the club never reports these items to the I

Greenleaf Manufacturing: Journalize transactions

Greenleaf Manufacturing Company has two production departments: Cutting and assembly. August 1 inventories are: Raw Material $4,200 Finished Goods $31,900 Work-in Process Cutting $3,900 Work-in Process Assembly $10,600 Journalize these transactions 1. Purchased raw materials for $56,300 2.Incurreed factor labor

Total Contribution Margin and Gross Margin

Pinewood Company, which has only one product, has given the following data regarding its last month of operations: Selling Price.......................................................................$200 Units in beginning inventory....................................0 Units produced.......................................

Accounting multi choice: process costing, job costing, inventories

Which of the following is true about both process costing systems and job costing systems? 1. Either one can be easily implemented in any type of manufacturing situation. 2. The use of finished goods accounts is unnecessary in either method. 3. None of the other answers 4. Both utilize work in process accounts to accumulat

Recording Transactions and their Effects on Financial Statements

Mikor has an account payable of $7,700 due to Smiley, Inc., one of its suppliers. The amount was due to be paid on October 15, 2008. Mikor only had enough cash on hand then to pay $1,700 of the amount due, so Mikor's treasurer called Smiley's treasurer and agreed to sign a note payable for the balance. The note was dated October

The Federal Income Tax System and Tax Reform

1. Is there anything wrong with the current federal income tax system in the U.S.? If so, what? 2. What did President Bush hope to accomplish by appointing the Bipartisan Advisory Council on Tax Reform? 3. What did the Bipartisan Advisory Council on Tax Reform recommend? 4. What is the difference between progressive taxes and

Discuss characteristics of budgets

You recently attended a workshop on budgeting and overheard the following comments as you walked to the refreshment table: 1. "Budgets are the same regardless of the size of an organization or management's role in the budgeting process." 2. "Budgets can include financial or non financial data. In our Organization, we plan th

Accuracy of ABC Systems and Traditional Costing Systems

ABC systems are always more accurate than traditional costing systems. Do you agree? Why? What is an ABC System? The ABC system that identifies the various activities performed in a firm and uses multiple cost drivers (volume and nonvolume based cost drivers) to assign overhead costs (or indirect costs) to products. ABC recog