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Clampett, Inc. has been an S corporation since its inception. On July 15, 2011, Clampett, Inc. distributed $50,000 to J.D. His basis in his Clampett, Inc. stock on January 1, 2011, was $30,000. For 2011, J.D. was allocated $10,000 of ordinary income from Clampett, Inc. and no separately stated items. What is J.D.'s basis in his Clampett, Inc. stock after all transactions in 2011?
Goochland retains title to the goods, and will record sales only if informed of such by Perkins Consolidated, who will keep 15% of the sales price under the consignment arrangement.
What is the product cost for the extension product under absorption and variable costing
Compute and interpret the volume and management variance on the cost side. How are the variance calculated above related?
BBX records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2011, the fair value of the bonds was $370,000 as determined by their market value on the NYSE. Create the journal entry t..
Determine the annual pretax return to Slimware if the firm can earn 9% on any funds released from employing the zero-balance system? Assume the company has 52 weekly pay periods each year.
Determine an equation for electricity cost (Y) as a function of units produced (X). Assume a linear function and Using your equation, forecast electricity cost at a volume of 29,000 units produced.
Determine the overhead rate is 25 percent of raw materials used plus 50 percent of direct labor costs and How much overhead was incurred for the month?
Pretax accounting income includes interest revenue from municipal bonds (not taxable). This interest revenue is $25,000 in 2010, $30,000 in 2011, and $32,000 in 2012. The enacted tax rate is 40%. Create the journal entry to record income taxes for ..
Make all of the journal entries essential in 2013 in connection with these 300 new memberships. Consider that all costs were incurred in cash.
The loan is to be paid on a monthly basis for two years charging 12 percent interest. Explain how much are the monthly payments?
This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal comprise in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
Which one of the subsequent statements best explains why companies want to distinguish between direct and indirect costs?
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