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An owner takes $35,000 out of her business as a salary for 2012. Compare the income and FICA or self-employment tax burdens of an individual who owns a business that has operating income of $60,000
A retail store has three departments, A, B, and C, each of which has four full-time employees. The store does general advertising that benefits all departments. Advertising expense totaled $90,000 f
Of those started, 80,000 were finished and the remaining 40,000 were left 20% complete. Calculate the equivalent units of production for the year using the weighted average method.
BC Company uses a job order cost accounting system. During the month of April, the following events occurred: Make the necessary journal entries to record the above transactions and events.
A company manufactures a product and sells it for $120 per unit. The total fixed costs of manufacturing and selling the product are expected to be $155,250, and the variable costs are expected to be
Mahoney Company had the following transactions involving plant assets during 2007 and 2008. Unless otherwise indicated, all transactions were for cash. Prepare the general journal entries to record
Determine the net present value. (Negative amount should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, other intermediate calculations and final answer to the nearest w
Paco and kate invested $99000 and 126000, respectively , in partnership they began one year ago, Assuming the partnership earend 120000 during the current year. Compute the share on the net income e
Calculate the Retained Earnings balance as of Dec 31, 2010. ?????
Calculate the investing cash flows - assuming there were no other non-current assets sold during the period or revalued. Show all working.
Employing both the straight-line (SL) and reducing-balance (RB, at 1.5 times the straight-line rate) methods of depreciation, what would be the deprecation charge in the first year and the accumulat
During 2012, there were 40,000 shares of cumulative, convertible preferred stock outstanding. The preferred is $10 par, pays $3.50 a year dividend, and each share is convertible into three shares of
The buyer paid him $500,000 in cash, agreed to take the title subject to the $200,000 mortgage, and agreed to pay him $100,000 with interest at 6 percent one year from the date of sale. How much is
The Royale Corporation payroll for the first week in January was $15,000. The amount of income tax withheld was 20 percent and the FICA, state unemployment, and federal unemployment tax rates were 8
The DEF Corporation started a petty cash fund on June 1, 2012 in the amount of $1,000. On June 30 the petty cash fund was replenished for $400 of supplies, $135 of postage, and $80 of miscellaneous
Recommend the most advantageous types and methods of property and service transfers to your client in exchange for stock to minimize any tax liability and risk of audit.
The cumulative patent amortization prior to 2013 would have been $10 million higher had the new life been used. Barney's tax rate is 30%. Barney's retained earnings as of December 31, 2013, would be
Cost of goods sold for 2013, applying the average cost method, is $161,200. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
When filing its 2012 tax return, Dove did not elect to forego the carryback of its loss for 2012. Assume a 30% tax rate for all years. What amount should Dove report as its income tax liability at D
At December 31, 2013, Empire determined that it was more likely than not that 10% of the deferred tax asset would not be realized. In its 2013 income statement, what amount should Empire report as t
Each product may be sold at its split-off point or processed further. Additional processing costs of specific products are entirely variable. Joint processing costs for a single batch of joint produc
What is the effect on income if Yankton Industries purchases the component from the outside supplier?
Selling $65 of merchandise to a customer for $100 in a state where the sales tax rate is 4%:
Assuming Radio Shack's store count and fixed costs were the same in the 2nd quarter of 2011 and 2012, which of the following statements is the best explanation for the decrease in the firm's profita
Required: If the special order were accepted, what would be the impact on the company's overall profit (prove it)?