Questions
Bill had the following gains and losses on asset sales: $500 gain on stock held 11...

Bill had the following gains and losses on asset sales: $500 gain on stock held 11 months; a $2,300 gain on land held two years; $1,900 loss on gold coins held two years; $1,200 gain on antique toys held three years; and a $1,300 loss on investment land held six months. Determine Bill’s (A) net capital gain or loss, (B) the capital gains rate that applies to each asset sale, (C) the capital gain rate(s) that would apply to the final net capital gain, and (D) Bill’s taxable income and income tax assuming Bill is married, has no dependents, files a joint return with his wife using the standard deductions, and their only income is Bill’s salary of $240,000.

In: Accounting

describe any two contribution of entrepreneurs to society

describe any two contribution of entrepreneurs to society

In: Accounting

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

Beginning Inventory Ending Inventory
Raw materials $ 29,600 $ 26,800
Work in process 22,600 47,000
Finished goods 78,300 69,800

Additional information for the month of March follows:

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

Raw materials purchases $ 40,600
Indirect materials used 2,000
Direct labor 62,300
Manufacturing overhead applied 35,600
Selling, general, and administrative expenses 24,400
Sales revenue 236,200

Required:
1.
Based on the above information, prepare a cost of goods manufactured report.

2. Based on the above information, prepare an income statement for the month of March.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

In: Accounting

Based on a number of contracts in 2017 and 2018, Brangus recognized $18,000 and $20,000 of...

  1. Based on a number of contracts in 2017 and 2018, Brangus recognized $18,000 and $20,000 of book income in 2017 and 2018 for book purposes and $12,000 and $22.000 on those same contracts in 2017 and 2018 for tax purposes. If the net income before tax in 2018 was $50,000 and the tax rate is 36% in 2017, 34% in 2018 and 32% in 2019, prepare the journal entry for income taxes for 2018.

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What is significant discovery care person of invention in cardio phlebotomists

What is significant discovery care person of invention in cardio phlebotomists

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Question: Complete all steps in accounting cycle. (LO 1, 2) AP Laura Eddy opened Eddy's Carpet...

Question: Complete all steps in accounting cycle. (LO 1, 2) AP Laura Eddy opened Eddy's Carpet Cleaners on ...

Complete all steps in accounting cycle.

(LO 1, 2) AP

Laura Eddy opened Eddy's Carpet Cleaners on March 1, 2017. In March, the following transactions were completed:

Mar. 1

Laura invested $10,000 cash in the business.

1

Purchased a used truck for $6,500, paying $1,500 cash and signing a note payable for the balance.

3

Purchased supplies for $1,200 on account.

5

Paid $1,200 on a one-year insurance policy, effective March 1.

12

Billed customers $4,800 for cleaning services.

18

Paid $500 of amount owed on supplies.

20

Paid $1,800 for employee salaries.

21

Collected $1,400 from customers billed on March 12.

25

Billed customers $2,500 for cleaning services.

31

Paid $375 for fuel for the month on the truck.

31

Withdrew $900 cash for personal use.

Instructions

(e)  

Prepare the income statement and statement of owner's equity for March, and a classified balance sheet at March 31, 2017. Of the note payable, $2,000 must be paid by March 1, 2018.

(f)  

Journalize and post the closing entries.

(g)  

Prepare a post-closing trial balance at March 31.

In: Accounting

Smokey and the Bandit produces outdoor activity clothing. The product line consists of pants, jackets, tops,...

Smokey and the Bandit produces outdoor activity clothing. The product line consists of pants, jackets, tops, and accessories. Data has been collected related to direct materials and direct labor for the four product lines. Smokey and the Bandit has also collected information on four possible cost drivers (units, batches, machine hours, labor hours). All this information is listed below. Construct a spreadsheet that will allocate overhead for each of these alternative drivers and will calculate the total per unit cost for each product line. Use the VLOOKUP function when constructing the spreadsheet so that you can determine the effect of different cost drivers on the overhead allocated and the resulting cost per unit.   

Product Line

Units

Average Sales

Price per unit

Total Material Cost

Total Labor Cost

Pants

4,600

$73

$234,600

$20,115

Jackets

2,500

$98

$145,000

$25,200

Tops

9,800

$36

$156,800

$32,970

Accessories

18,500

$12

$ 37,000

$15,210

Product Line

Batches

Machine Hours

Labor Hours

Pants

42

1,640

1,341

Jackets

26

1,730

1,400

Tops

78

2,600

2,198

Accessories

95

2,250

845

Total overhead cost to be allocated: $321,560

After constructing your spreadsheet answer the following questions?

  1. What is the total cost per unit of each product line when machine hours are used as the cost driver for overhead allocation?
  2. How much overhead is allocated to Jackets when direct labor hours are used as the cost driver for overhead allocation?
  3. What is the total cost of Tops when direct labor hours are used as the cost driver for overhead allocation?
  4. What is the total cost per unit of Accessories when the number of batches is used as the cost driver for overhead allocation?
  5. What is the allocation rate when units are used as the cost driver?
  6. If you are the manager of the Jackets product line which cost driver would you prefer? Why?
  7. Currently the OH cost are being allocated based on DL hours. If the company decides to use units as the cost driver how would you react if you are the Accessories product line manager?

In: Accounting

The Angel Corporation purchased an office building for $600,000 12 years ago. The corporation claimed $80,000...

The Angel Corporation purchased an office building for $600,000 12 years ago. The corporation claimed $80,000 of cost recovery deductions before it sold the building for $700,000.

  1. Determine the amount and type of gain or loss that Angel Corporation recognizes on the sale of the building
  2. Would your answer change if Angel was a sole proprietorship?
  3. Would your answer change if Angel Corporation incurred $43,000 of Section 1231 losses in the prior year?

In: Accounting

Create a scenario where external auditors determined that a company's internal controls were deficient, but such...

Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.

In: Accounting

Read Case Study 3 in the Final Project Guidelines and Rubric document, and discuss the current...

Read Case Study 3 in the Final Project Guidelines and Rubric document, and discuss the current or potential legal and/or regulatory issues apparent in this fact pattern that might impact a public offering. Actively engaging with your peers and instructor will help you complete the remaining critical elements for the full case study, due in Module Seven.

Case Study 3 Both Fred’s family and the business have rebounded from their prior issues. Jane sought counseling for her gambling issues and has worked hard to mend her relationships with the family. Prior to cashing the forged checks from Jane, Don was struck by lightning and experienced a spiritual enlightenment. He willingly returned the checks to Fred and Sally and promptly joined the Peace Corps. Likewise, when the church found out the donated check was a forgery, it was immediately returned. Bob’s wife (also Sally’s best friend) found out about Bob’s online sabotage and promptly remedied the situation. Once Fred’s Miracle Cough Syrup was back on track, the company’s growth was exponential. Featured on a widely viewed talk show starring a prominent doctor, online orders and demands from big-box chains nationwide skyrocketed. Fred and Sally have been told that now would be an ideal time to take Fred’s Miracle Cough Syrup public. The only distressing issue at hand involves Tammy, a local girl who had been working as a delivery girl for the company. She applied for Jane’s former job as bookkeeper. Fred and Sally hired Ted, an experienced accountant, instead, and Tammy has filed a claim of sex discrimination against the company and Fred personally. Fred and Sally are seeking your advice regarding Tammy and the possibility of taking the company public. Complete a legal analysis of the given facts, including the following elements. Specifically, the following critical elements must be addressed: I. Evaluate three current or potential legal and/or regulatory issues apparent in this fact pattern that might impact a public offering. II. Determine whether Fred's Miracle Cough Syrup is in compliance with government regulations involving public offerings by analyzing relevant laws and using the appropriate legal test and facts given. III. Support your conclusions and provide recommendations to improve compliance and strategies for corporate growth.

In: Accounting

Audit question Q1. set out the rights and dutoes of auditos unddr cimpany act 2006? Q2....

Audit question

Q1. set out the rights and dutoes of auditos unddr cimpany act 2006?

Q2. Explain the responsibilities of:
        - the directors
        - the auditors
       In connection with the preparation and publication of a company's financial statement

Q3. State whether the following statement are true or false and explanation to answer choosen in respect of external auditors responsibilities:
-auditors are responsible for the financial content of the annual account
   (true / false) and why?

-auditors do not have obsalute assurance that the figures that they audit are correct.
(true/false) and why?

In: Accounting

How does a tax accountant meet its obligations to both the tax system and his/her client?

How does a tax accountant meet its obligations to both the tax system and his/her client?

In: Accounting

SM manufactures small engines that it sells to manufacturers who install them in products such as...

SM manufactures small engines that it sells to manufacturers who install them in products such as lawn mowers. The company currently manufactures all the parts used in these engines but is considering a proposal from an external supplier who wishes to supply the starter assemblies used in these engines.

The starter assemblies are currently manufactured in Division 3 of SM. The costs relating to the starter assemblies for the past 12 months were as follows:

Direct materials

$400,000

Manufacturing labour

300,000

Manufacturing overhead

800,000

Total

$1,500,000

Over the past year, Division 3 manufactured 150,000 starter assemblies.

Further analysis of manufacturing overhead revealed the following information:

Of the total manufacturing overhead, only 25% is considered variable. Of the fixed portion, $300,000 is an allocation of general overhead that will remain unchanged for the company as a whole if production of the starter assemblies is discontinued. A further $200,000 of the fixed overhead is avoidable if production of the starter assemblies is discontinued. The balance of the current fixed overhead, $100,000, is the division manager’s salary. If SM discontinues production of the starter assemblies, the manager of Division 3 will be transferred to Division 2 at the same salary. This move will allow the company to save the $80,000 salary that would otherwise be paid to attract an outsider to this position.

Required

  1. Good Supply, a reliable supplier, has offered to supply starter-assembly units at $8 per unit. Because this price is less than the current average cost per unit, the vice president of manufacturing is eager to accept this offer. On the basis of financial considerations alone, should SM accept the outside offer assuming that production remains consistent with the past year? Show your calculations.
  1. How, if at all, would your response to requirement 1 change if the company could use the vacated plant space for storage and, in so doing, avoid $100,000 of outside storage charges currently incurred? Why is this information relevant or irrelevant?

  1. Assume that demand increases and SM requires 190,000 units. On the basis of financial considerations alone, should SM accept the outside offer? Show your calculations.

In: Accounting

Required Task: Part A 1. Choose a country that has adopted IFRSs (i.e. global accounting standards)...

Required Task:

Part A 1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or more years, as revealed in the accounting literature, and discuss the following:

I. In what year did the country adopt IFRSs?

II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of your chosen country? Explain the possible reason.

III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.

Australian IFRS Adopted

In: Accounting

Define the marketing concept. Describe two real companies that in your opinion are good examples of...

  1. Define the marketing concept. Describe two real companies that in your opinion are good examples of marketing concept being followed or otherwise.

In: Accounting