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Julio, age 50, is a U.S. citizen who has a 28% marginal tax rate. He has operated the A&B Automotive Parts Company for a number of years as a C corporation. Last year, A&B reported $200,000 of pre-tax profits, from which it paid $50,000 in salary and $25,000 in dividends to Julio. The corporation expects this year's pre-tax profits to be $300,000. To date, the corporation has created no fringe benefits or pension plans for Julio. Julio asks you to explain whether an S corporation election would reduce his taxes. How do you respond to Julio's inquiry?
What is the difference between a general control and an application control? What internal controls can be implemented using information systems to safeguard an organization's electronic assets?
Assuming she invests the money her grandmother gives her in a mutual fund that is expected to earn 10%, how much money must she get from Granny if she hopes to meet her early retirement goal?
What is a committed fund balance in a governmental funds balance sheet? How does it differ from a restricted fund balance?
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
A consulting engineering firm is considering two models of SUVs for the company principals. A GM model will have a first cost of $26,000, an operating cost of $2000, and a salvage value of $12,000 after 3 years.
Donkey Company manufactures two products, Standard and DeLuxe. Donkey's overhead costs consist of machining, $2,000,000; and assembling, $1,000,000. Information on the two products is:
A Characteristic of variable cost is: a. Cost per unit changes when the number of units changes. b. Cost per unit stays the same when the number of units changes c. Total variable cost equals fixed costs when the number of units changes d. Total vari..
What is the overall completion percentage for the WIP as to direct materials at the end of period?
The High and Dry Boat Company has $120,000 of 15% bonds outstanding along with 2,000 shares of $2.50 (dividend) preferred stock and 3,000 shares of common stock.
Prepare in journal form, without explanations, the end of month adjusting entries for Flop's Copy Shop for the month of September. Prepare a partial adjusted trial balance for the accounts provided.
Knell Corporation sells a product for $230 per unit. The product's current sales are 33,000 units and its break-even sales are 26,400 units. The margin of safety as a percentage of sales is closest to:
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