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.

     A company, currently operating at full capacity, manufactures and sells saucepans at £2 each. Current volume is 100,000 pans per annum with the following cost structure.

    Operating Statement for year

                                                                                          £

    Sales (100,000 at £2)                                                200,000

     less Marginal Cost

     Labour                              80,000

        Material                         50,000                             130,000

       = Contribution                                                          70,000

       Fixed Costs                                                               30,000

       = Net profit                                                             £40,000

       An opportunity has arisen to supply an additional 30,000 pans per annum at £1.18 each.

      Acceptance of this order would incur extra fixed costs of £8000 per annum for the hire for additional machinery and the payment of an overtime premium of 20% for the extra direct Labour required. Should this order by accepted?

       What other factors need to be considered?

Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has two production departments (Assembly Department & Packaging Department.) Frederick uses a step allocation method where Cafeteria Services is allocated to all departments and Maintenance Services is allocated to the production departments. All allocations are based on total employees. Cafeteria Services has costs of $280,000 and Maintenance has costs of $300,000 before any allocations. What amount of Maintenance total cost is allocated to the Packaging Department? (round to closest whole dollar) Employees are:

            Cafeteria Services    5

            Maintenance     4

Assembly Department 10

Packaging Department 9

Santana Rey expects sales of Business Solutions’s line of computer workstation furniture to equal 300 workstations (at a sales price of $4,000 each) for 2019. The workstations’ manufacturing costs include the following. Direct materials $ 710 per unit Direct labor $ 310 per unit Variable overhead $ 80 per unit Fixed overhead $ 24,000 per year The selling expenses related to these workstations follow. Variable selling expenses $ 45 per unit Fixed selling expenses $ 3,200 per year Santana is considering how many workstations to produce in 2019. She is confident that she will be able to sell any workstations in her 2019 ending inventory during 2020. However, Santana does not want to overproduce as she does not have sufficient storage space for many more workstations.

Complete the following income statements using absorption costing.

• omplete the following income statements using variable costing.

  	BUSINESS SOLUTIONS Variable Costing Income Statements Production volume (units) 300 workstations 320 workstations Sales volume (units) Net income (loss) Under variable costing, can a company increase its net income by increasing production?

Describe what factors contribute to the pension benefit obligation. Discuss the effect of the increase or decrease on the PBO. How is this change reported in the financial statements and what other accounts are affected? Provide an example from a publicly-traded company. Please respond to at least one additional post.