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For Bobby Company, sales is $1,000,000 (5,000 units), fixed expenses are $300,000, and the contribution margin per unit is $80. What is the margin of safety in dollars?
Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the c
His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss?
Describe the alternatives that you as an accountant would have in this situation.
White Corporation, a closely held personal service corporation, has $150,000 of passive losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive loss may
On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The ma
Nichols Company had 500 units of "Dink" in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of "Dink". Nichols then sold 600 units at a selling price of $10 each, resulti
The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 8% is 4.99271. Metcalf should record the leased asset at ??
At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
Leonard Lambert's commercial building, which had an adjusted basis of $500,000, was partially destroyed by fire. The fair market value was $800,000 just before the fire and $600,000 immediately afte
The membership ensures that Terry will receive choice seating at all of Mammoth's home basketball games. In addition, Terry pays $2,200 (the regular retail price) for season tickets for himself and
what is Pedro's charitable contribution?
The new truck listed for $ 18,950 and wumbaugh Auto Sales allowed a $2,825 trade-in allowance on the purchase of the new vehicle. How would you post this transaction?
Last year, Lucy purchased a $100,000 account receivable for $80,000. During the current year, Lucy collected $85,000 on the account. What are the tax consequences to Lucy associated with the collect
Omar acquires used 7-year personal property for $100,000 to use in his business in February 2009. Omar does not elect § 179 expensing or additional first-year depreciation, but does take the ma
Hogan Company has other operating expenses of $260,000. There has been a decrease in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 larger than in the prior period.
Easy-Gro Garden center expects to purchase $7,000 of mulch during April. Easy-Gro had $3,000 of mulch in inventory at April 1, and expects to have $2,000 of mulch in inventory at April 30th. What is
Prepare the journal entries to record (a) the issuance of the note by Mondovi Winery and (b) Silicon Valley receivable on December 1, 2011.
If the total sales-activity variance was $7,500 favorable, and the total master budget variance was $10,000 favorable, then the total flexible budget variance must have been?
Interest accrued monthly but all interest and principle will be paid upon maturity of the note. Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and intere
On December 1, 2010, Johnson sold the bonds for 98 plus accrued interest. Assuming straight-line interest, prepare the journal entries to record bond-related transactions on February 1, 2010, July 1
The following expenditures were incurred by obermeyer company in purchasing land: cash price $68,011, accrued taxes $3,3618, attorney's fees $2,877, real estate broker's commission $1,189, and clear
Seventy percent of sales are collected in the month of the sale, and the remaining balance is collected in the following month.
Presented below is selected information from the Greenville Company's current period accounting
Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.