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
In: Accounting
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
In: Accounting
In: Accounting
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, 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?
In: Accounting
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.
In: Accounting
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 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. 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?
In: Accounting
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
In: Accounting
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
In: Accounting