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A chair manufacturer has two divisions: framing and upholstering. The framing costs are $200 per chair and the upholstering costs are $300 per chair. The company makes 10,000 chairs each year, which are sold for $600.
a. What is the profit of each division if the transfer price is $200?
b. What is the profit of each division if the transfer price is $250?
One of your clients owns a farm that has been experiencing losses. Should your client claim the losses as hobby losses or on a Schedule F? Justify your answer.
The estate of Munju was formed on 1 July 2014 and adopted an initial fiscal year ending on 30 June 2015. Arekay (a single 17 year old cash basis taxpayer) is the sole beneficiary of the estate. What is the taxable income for the Estate of Munju’s fis..
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Paul Company reported the following balances at December 31, 2013: common stock $400,000, stated value $5; paid-in capital in excess of par—common stock $220,000; and retained earnings $250,000 During 2014, the following transactions affected stockho..
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The present value of an ordinary annuity factor for three years at 8% is 2.58, and the present value for the future amount of a single sum of one dollar for three years at 8% is .735. Shipping charges for the equipment were $2,000, and installati..
On April 1, 2014, Rasheed Company assigns $526,400 of its accounts receivable to the Third National Bank as collateral for a $320,000 loan due July 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. P..
What is the efficient number of beehives to have in the orchard? Assume that the above table is common knowledge to both the orchard and beekeeper, that bargaining is costless, and that there are no other orchards or beehive owners.
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