Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
The actual machine-hours for the month were 6,890 machine-hours. The standard variable manufacturing overhead rate is $9.20 per machine-hour. The actual variable manufacturing cost for the month was
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for May
Last month 75,000 pounds of direct material were purchased and 71,000 pounds were used. If the actual purchase price per pound was $0.50 more than the standard purchase price per pound, then the mat
Costa Company purchased a large area of land with the intention to transform it into a banana plantation. Before the new seedlings can be planted, the site, which is prone to flooding, must be drain
Based on this information, determine the income tax consequences to Azure Company and to Sasha during the year for each of the following independent situations.
In addition, Gibson sold inventory costing $90,000 to Miller for $150,000 during 2008. Miller resold $80,000 of this inventory during 2008 and the remaining $70,000 during 2009. a. Compute Gibson's
The marketing manager believes that a $12,000 increase in the monthly advertising budget would result in a 160 unit increase in monthly sales. What should be the overall effect on the company's mont
So here is the conundrum. If the auditor is looking for fraud by management, aren't they 'biting the hand that feeds them'? Isn't there a conflict in looking for fraud on the part of the folks who p
Jose purchased a house for $300,000 in 2008. He used the house as his personal residence. In March 2011, when the fair market value of the house was $250,000, he converted the house to rental proper
What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists?
For 2011, your other clients own a real estate business named Terry Smith Realty, of 645 Grove Street, Los Angeles, CA 90018. Gross receipts were $730,000 using the cash method of accounting.
Bob's expenses for the year consists of $800 investment advice fees, $700 unreimbursed employee business expenses ( a miscellaneous) and $250 tax return preparation fees. What is Bob's actual deduct
What are the total equivalent units for conversion costs? If required, round to the nearest unit.
NICO Corporate had net fixed assets of $2,000,000 at the end of 2006 and $ 1,800,000 at the end of 2005. In addition, the firm had a depreciation expense of $200,000 during 2006 and $180,000 during
The average tax rate of a corporation with ordinary income of $105,000 and a tax liability of $24,200 is:
A firm has just ended its calendar year asking a sale in the amount of 200,000 of merchandise purchased during the year at a total cost of $150,500. Although the firm paid in full for the merchandis
Prepare and income statement, a statement of change in stockholders' equity, a balance sheet, and a statement of cash flows.
Johnson, Inc. has just ended the calendar year making a sale in the amount of $10,000 of merchandise purchased during the year at a total cost of $7,000. Although the firm paid in full for the merch
Prepare all necessary entries in general journal form for Sanford Corp.
The fair value for each of these companies is lower than the corresponding book value. What implications does this have for each company's future prospects?
At the beginning of the year, Penguin Corporation (a calendar year taxpayer) has accumulated E & P of $55,000. During the year, Penguin incurs a $36,000 loss from operations that accrues ratably
The bonds are to be accounted for under the effective interest method. (note: I know that the present value doesn't equal $428,800 precisely. That's okay. Just use the $428,800 for your effective i
Since many companies in the industry still have productivity levels of 100%, this doesn`t work. Instead, please assume that the productivity index will drop from 112% to 106%, and then use this decl
What is a government fund? What are the three classifications of funds and the various categories within each classification?
All materials are added at the start of production and the inspection point is at the end of the process. What is the cost per equivalent unit for conversion costs using Fifo?