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The management of Austin Corporation is considering dropping product R97C. Data from the company's accounting system appear below:
Sales....................................$130,000Variable expenses..........................56,000Fixed manufacturing expenses...............49,000Fixed selling and administrative expenses..35,000
In the company's accounting system all fixed expenses of the company are fully allocated to products. Further investigation has revealed that $34,000 of the fixed manufacturing expenses and $20,000 of the fixed selling and administrative expenses are avoidable if product R97C is discontinued. What would be the effect on the company's overall net operating income if product R97C were dropped?
A) Overall net operating income would increase by $20,000.B) Overall net operating income would increase by $10,000.C) Overall net operating income would decrease by $20,000.D) Overall net operating income would decrease by $10,000.
Santana Corporation has 400,000 shares of common stock outstanding throughout 2010. In addition, the corporation has 5,000, 20-year, 7% bonds issued at par in 2008. Each $1,000 bond is convertible into 20 shares of common stock after 9/23/11. Duri..
Dawn Adams owns 60 percent of a calendar-year S corporation during 2008. Her stock basis on December 31, 2008, is $17,000, and her debt basis is $2,000. If the S corporation incurs a $48,000 loss for 2009, what amount may Ms. Adams deduct on her i..
Which of the following is a true statement about accounting for business activities?
Prepare journal entries that should be recorded as a result of each of the above contingencies. If no journal entry is needed, briefly explain why.
Concerning a taxpayer's requirement to make quarterly estimated tax payments:
A. What is Bamboo's dividends received deduction? B. How would your answer change if the gross income from operations was $140,000 instead of $200,000?
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..
Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.
When normalizing operating results, non-recurring expenses that are reported within SG&A, CGS or other expense line items on a company's income statement:
Evaluate the impact to a business when compensation, such as sales commissions and bonus, are tied to achieving budgeted expectations. Suggest how management can prevent employees from manipulating results.
What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation?
Jones accounts for its treasury stock transaction using the cost method. What amount would Jones report as Common Stock in the equity section of its December 31 balance sheet?
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