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Assuming unit materials costs of $3 and unit conversion costs of $6, what are the costs to be assigned to the units (a) transferred out and (b) in ending work in process?
If the basic salary of an employee is Rs. 30000 and allowances are Rs. 18,000. What is the taxable income of the employee?
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same
Gains and losses on the purchase and resale of treasury stock may be reflected only in:
Foster Corporation issued a $100,000, 10-year, 10 percent bond on January 1, 2010, for $112,000. Foster uses the straight-line method of amortization. On April 1, 2013, Foster reacquired the bonds f
The predetermined overhead rate ($18.50 per direct labor hour) is based on expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead c
Stacey and Andrew each own one-half of the stock in Parakket Corporation, a calendar year taxpayer. Cash distributions from Parakeet are : $350,000 to Stacey on April 1 and $150,000 to Andrew on May
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on th
Which of the following statements is correct regarding the taxation of C corporation?
During 2010, Sparrow Corporation, a calendar year C corporation, had operating income of $510,000, operating expenses of $370,000, a short-term capital loss of $25,000, and a long-term capital gain
Which of the following statements is incorrect with respect to determining current E&P?
Tonya had the following items for last year: Determine Tonya's adjusted gross income for the current year.
Find the mean and standard deviation for the batting average for a player in the most recently completed MBL season. What batting average would separate the top 5% of all hitters from the rest?
The bonds are sold on November 1, 2011 at 103 plus accrued interest. Amortization was recorded when interest was received by the straight-line method (by months and round to the nearest dollar). Pr
On November 7, 2010, Melissa sold the 50 shares received on October 15, 2010. What is the basis of the 50 shares Melissa sold on November 7, 2010?
Pat purchased a used five-year class asset on March 15, 2009, for $60,000. He did not elect § 179 expensing. Determine the cost recovery deduction for 2009 for earnings and profits purposes.
he works weekdays in Boise and returns home on weekends. He spends $410 returning to Salt Lake City but would have spent $390 had he stayed in Boise for the weekend. As to the weekend trips, how muc
If a taxpayer has tentative AMT of $60,000 and AMT of $15,000, what is the regular income tax liability?
Phil is advised by his family physician that his dependent son, Tony, needs surgery for a benign tumor in his leg. Phil and his son travel to Rochester, Minnesota, for in-patient treatment at the Ma
The accounting concept or principle applied when the cost of short-term marketable securities is adjusted to market value is:
Amy works as an auditor for a large major CPA firm. During the months of September thru and November of each year, she is permanently assigned to the team auditing Garnet Corporation.
Erin owns a mineral property that had a basis of $10,000 at the beginning of the year. The property qualifies for a 15% depletion rate. Gross income from the property was $120,000 and net income bef
By how much could advertising be increased with profits remaining unchanged? Do not prepare an income statement; use the incremental analysis approach.
Michael is the city sales manager for "Chick-Stick," a national fast food franchise. Every working day, Michael drives his car as follows: