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AirTel Company sold 10,000 units of its product at a price of $80 per unit. Total variable cost is $50 per unit consisting of $40 in variable production cost and $10 in variable selling and administ
FASSV, Inc. acquired 30% of ISTP Corporation's voting stock on January 1, 2014 for $800,000. During 2014, ISTP earned $320,000 and paid dividends of $200,000.
Raul paid $3,600 of real estate taxes on the unimproved land. He also has a $4,500 net long-term capital gain from the sale of another parcel of unimproved land. Raul's maximum investment interest d
Zeller Company requires its marketing managers to submit estimated cost-volume-pro?t data on all requests for new products, or expansions of a product line.
sharp cpa was engaged by peters & sons a partnership to give an opinion on the financial statements that were to be submitted to several prospective partners as part of planned expansion of the
At the end of 2013, Jim Lukawitz is 33. He was hired by Prince at age 29 (4 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of
On January 1, 2013, Medical Transport Company's accumulated postretirement benefit obligation was $50 million. At the end of 2013, retiree benefits paid were $5 million. Service cost for 2013 is $4
When Carter, Inc. sells 48,000 units, its total variable cost is $115,200. What is its total variable cost when it sells 54,000 units?
Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability?
Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liability owed at the date o
John sold the Parcel two years later to Ann, a person not related to CCorp, Bob, Ann, or John, for $60,000. How much gain or loss is realized and recognized as a result of these three transfers?
How much gain or loss did XYZ Corp. recognize as a result of this transaction and what is XYZ Corp.'s basis in the real property?
Fun Inc. is a calendar year corporation. Fun Inc. had no accumulated earnings and profits, but had $100,000 of current earnings and profits in 2012.
Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" fo
Assume that SMTO Inc.'s current earnings and profits were $200,000, there were no accumulated earnings and profits, and Lana's total basis in her stock before the redemption was $20,000. How much is
Steve has a tentative general business credit of $85,000 for the current year. His net regular tax liability before the general business credit is $95,000, and his tentative minimum tax is $90,000.
A tract of land was distributed by WESTO Inc. to its sole shareholder, Steve, as a dividend. At the time of the distribution, WESTO Inc.'s adjusted basis in the land was $40,000, the fair market val
Blue invests cash of $20,000 and a building with a cost of $250,000 and accumulated depreciation to date of $95,000 in the Black and Blue Partnership. The building has a current market value of $340
NOCO Inc.'s adjusted basis in the land was $120,000, the fair market value of the land was $160,000, and the land was encumbered by a $140,000 mortgage, which liability was assumed by the shareholde
Owen owns 60 percent of the Big Time partnership. He sells to the partnership a machine for $70,000 that has a $45,000 basis. What would the taxable income be for Owen and what is the partnership's
Pat's adjusted basis in the equipment was $50,000, the fair market value of the equipment was $150,000, the equipment was subject to a security agreement and note assumed by the corporation in the a
Susan transferred property to her solely owned corporation, DA Inc. The property had an adjusted basis to Susan of $60,000 and a fair market value of $100,000 on the date of the transfer and the cor
How much was the total dividend income received by the shareholder as a result of the distribution made by Smith Corpo?
Polaris offers extended service contracts that provide repair and maintenance coverage over its products. As you complete the following requirements, assume that the Polaris services department uses
Tina is reimbursed for $1,500 of business travel and $500 for various business subscriptions and professional dues. The $2,000 reimbursement should be treated as follows: