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Post correctly included this receivable for 377,500 local currency units (LCU) in its balance sheet at $290,000. When Post collected the receivable on February 15, 2014 the US dollar equivalent was
Volume was budgeted to be 40,000 direct labor hours and fixed overhead was budgeted to be $600,000. What was the actual volume, standard volume, and budgeted variable overhead?
Prepare the journal entries required in the Capital Projects Fund to account for the above transactions. Prepare closing entries.
The bonds were sold when market rates of interest were 10%. The premium/discount is amortized using the effective interest method.
Interest of $12,000 was included the face amount of the note. If Miller had purchased the truck for cash, the purchase price would have been only $88,000. (a) Prepare the appropriate journal entry t
On January 1, 1998, T owned 10 unimproved lots with an adjusted basis of $10 and a FMV of $15 per lot. T hired X, a general contractor, to perform subdivision services in regard to the property
The executor of a deceased client's estate comes to you with a letter from the IRS indicating that they are auditing a large property valuation claim that was made on the estate return. The IRS is c
Determine the unemployment taxes (FUTA and SUTA) that would be paid by: Rowland Construction Company? Ford Improvement Company?
Peter operates a dental office in h home. The office occupies 250 square feet of his residence, which is a total of 1500 squar feet. During 2011, Peter pays rent for his home of $12,000, utilities o
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
Who could be harmed by Acme's ability to "defer" income taxes payable for several years, despite positive earnings? In a situation such as this, what are Ms. Delaney's professional responsibilities as
What is the tax impact on the corporation, please be very specific in your answer.
Janus Coat Company purchased a delivery truck on June 1 for $24,000, paying $8,000 cash and signing a 6%, 2-month note for the remaining balance.
If the company is optimistic about its China venture, and anticipates continued investment and growth, are restrictions on capital outflows from China a problem? Particularly if the source of funds
The straight-line method is used to amortize any bond discount or premium. What is the journal entry to record the issuance of the bonds on January 1, 2010?
Compute the amount of merchandise inventory purchased for the fiscal year 2008. Since "Cost of goods sold" reported in the income statement includes cost of merchandise, and other related expenses
Ten percent and 25% of next month's stuffing and fabric needs respectively are planned for raw materials ending inventory each month. What are budgeted conversion costs for January?
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day:
If, after the sale of the real estate, the corporation made a proportionate nonliquidating distribution of the sales proceeds to the shareholders, would the tax consequences to the parties differ fr
What if the corporation distributed the cash to the shareholders and then liquidated? What would the tax consequences be to the parties upon liquidation of the corporation?
If you were brought on board as their present-day business advisor, you would explain to them that all partnerships have at least one general partner (known as the senior partner) and one limited pa
The operating cost for a proposed waste-water treatment plant is estimated as $500,000 per year, increasing by $100,000 each year after the first. Assume i = 6 percent. Find the following:
Calculate the amount of accumulated depreciation on the machine shown in the December 31, 2004 balance sheet assuming the company uses the double-declining balance depreciation method. Do not use de
Assume the company employs the sum-of-the-years-digits' method of depreciation. Calculate the depreciation expense recorded on the machine in 2004. Do not use decimals in your answer.
Assume the company employs the units of production method of depreciation. Calculate the amount of depreciation expense related to the truck shown in the company's 2009 income statement. Do not use