Give examples of the strengths and weaknesses inherent in the use of standards for planning, control and decision making. How do standards relate to general cost management?

Note:Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks

Lets say I owned a business worth $100 million dollars and I have 25% stake in the company. Lets say 100% of the what I own in the company will be taxable and I am married and it will be filed jointly. Company's net income is $17.5 million.

What would be the estate tax attributable, 100% interest will be taxable and filling jointly?

Also can you please mention some tax laws that would be beneficial in this situation?

Lets say I owned a business worth $100 million dollars and I have 25% stake in the company. Lets say 100% of the what I own in the company will be taxable and I am married and it will be filed jointly. Company's net income is $17.5 million.

If I was selling the company how much estate tax attributable would I be facing filing jointly?

Product Costing and Decision Analysis for a Service Company

Blue Star Airline provides passenger airline service, using small jets. The airline connects four major cities: Charlotte, Pittsburgh, Detroit, and San Francisco. The company expects to fly 170,000 miles during a month. The following costs are budgeted for a month:

Blue Star management wishes to assign these costs to individual flights in order to gauge the profitability of its service offerings. The following activity bases were identified with the budgeted costs:

The size of the company's ground operation in each city is determined by the size of the workforce. The following monthly data are available from corporate records for each terminal operation: Show work notes

Three recent representative flights have been selected for the profitability study. Their characteristics are as follows:

Required:

1. Determine the fuel, crew, and depreciation cost per mile flown.
$ per mile

2. Determine the cost per arrival or departure by terminal city.

3. Use the information in (1) and (2) to construct a profitability report for the three flights. Each flight has a single arrival and departure to its origin and destination city pairs.

What are the major sources of funds for a capital project and debt services funds, and how are the sources classified in the Statement of Revenues, Expenditures, and changes in Fund Balance?

Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional raw materials during the year, and the company’s work in process had a beginning balance of $17,000 and an ending balance of $9,000. Murray’s company incurred $145,000 of administrative expenses and $57,205 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred actual manufacturing overhead costs of $42,000. There were $5,500 worth of indirect materials used for production this year, and $44,000 worth of manufacturing overhead was applied to work in process. The company began the year with $42,100 worth of goods in its finished goods inventory and $38,000 of goods at the end of the year. The company sold $403,893 last year, but the tax rate is 27% and had to pay $950 in interest expense. Is the company doing well?

Create...

1) Schedule of Cost of Goods Manufactured

2) Schedule of Cost of Goods Sold

3) Traditional Income Statement

Please be dynamic and include formulas, thanks...

Joe has an annual income of $80,000. His employer pays all of his health insurance premiums.
Joe expects to incur $2,000 in unreimbursed medical expenses for the year. He pays an average
federal tax rate of 22%. In addition, his state has a flat 3% income tax rate. Thus, his total
income taxes paid will be equal to 25% of his taxable income. Joe expects to deduct $15,000
from his annual income for income tax purposes.
a. How much income tax will Joe pay in total (state plus federal)?

b. How much FICA (payroll) tax will Joe pay? How much will his employer pay? What
fraction of the total payroll tax can be attributed to Medicare?

c. Joe decides to redirect $2,000 of his salary to a flexible spending account. This
contribution is considered a salary reduction, which means it reduces both the payroll
taxes and the income taxes Joe needs to pay. What are the total taxes Joe needs to pay
now? How much money has he saved?

Denton Company manufactures and sells a single product. Cost data for the product are given:

The product sells for $49 per unit. Production and sales data for July and August, the first two months of operations, follow:

The company’s Accounting Department has prepared the following absorption costing income statements for July and August:

Required:

1. Determine the unit product cost under:

a. Absorption costing.

b. Variable costing.

2. Prepare contribution format variable costing income statements for July and August.

3. Reconcile the variable costing and absorption costing net operating incomes.

Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $252,000, $288,000, and $182,000, respectively. They anticipate annual profit of $433,200 and are considering the following alternative plans of sharing profits and losses:

a. Equally;
b. In the ratio of their initial investments; or
c. Salary allowances of $112,000 to Conway, $89,000 to Chan, and $64,000 to Scott and interest allowances of 10% on initial investments, with any remaining balance shared equally.

Required :
1. Use the schedule to show how a profit of $433,200 would be distributed under each of the alternative plans being considered. (Enter all amounts as positive values.)



2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and the profit actually earned for the year ended December 31, 2017, is $433,200. During the year, Conway, Chan, and Scott withdraw $44,000, $34,000, and $24,000, respectively. (Enter all amounts as positive values.)

3. Prepare the December 31, 2017, journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $433,200. Also, close the withdrawals accounts.

Tami Tyler opened Tami’s Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler’s personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University.

Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing and argues that if absorption costing had been used the company probably would have reported at least some profit for the quarter.

At this point, Ms. Tyler is manufacturing only one product—a swimsuit. Production and cost data relating to the swimsuit for the first quarter follow:

Required:

1. Complete the following:

a. Compute the unit product cost under absorption costing.

b. What is the company’s absorption costing net operating income (loss) for the quarter?

c. Reconcile the variable and absorption costing net operating income (loss) figures.

3. During the second quarter of operations, the company again produced 31,700 units but sold 34,700 units. (Assume no change in total fixed costs.)

a. What is the company’s variable costing net operating income (loss) for the second quarter?

b. What is the company’s absorption costing net operating income (loss) for the second quarter?

c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter.

The following selected transactions are from Ohlm Company. (Use 360 days a year.)

2016

2017

Required:
1-a. First, complete the table below to calculate the interest amount at December 31, 2016.
1-b. Use the calculated value to prepare your journal entries for 2016 transactions.
1-c. First, complete the table below to calculate the interest amounts.
1-d. Use those calculated values to prepare your journal entries for 2017 transactions.

Complete this question by entering your answers in the tabs below.

• Required 1A
• Required 1B
• Required 1C
• Required 1D

First, complete the table below to calculate the interest amount at December 31, 2016.

Journal entry worksheet

• Accepted a $11,900, 60-day, 9% note dated this day in granting Danny Todd a time extension on his past-due account receivable.

Note: Enter debits before credits.

First, complete the table below to calculate the interest amounts.

Journal entry worksheet

.....

• Received Todd’s payment of principal and interest on the note dated December 16.

Note: Enter debits before credits.