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Wynne Company has a broad range of products it sells in a four-state area. Sales for the four quarters of 2016 are expected to be $448,000, $789,000, $804,000, and $550,000, for an annual total of $2,591,000. Cost of goods sold averages 60% of sales. Ending inventory for each quarter should be 15% of cost of goods sold for the following quarter. Inventory at January 1 is expected to be $40,000. Required: a. Show calculations for ending inventory, purchases, and cost of goods sold for the first three quarters of 2016. b. Assume that all the information above has come from the President, the Marketing Manager, and the Chief Financial Officer of Wynne. Briefly describe the potential advantages of the top-down budgeting approach in use at this time. What risks, if any, does the company face because of this strategy?
redbird company receiveds dividend income of 25000 from a corporation- holds 10 interest redbird also has interest
Sarah owns 100 shares of Drake,Inc. (adjusted basis of $50,000). On October 11, 2010, she sells the 100 shares for their fair market value of $45,000. On November 5, 2110, she purchases 125 shares of Drake stock for $57,000. a) What is Sarah's rea..
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Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. It is important to have the right mix of policies and that..
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a. What is Tina's current year taxable income and income tax liability? b. Tina would like to lower her tax by incorporating Timely Turn Tables. How much income tax will she save if she incorporates TTT and pays herself a salary of $40,000?
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