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You are a staff accountant in a CPA firm. Your manager has asked you to provide a report containing accounting information on the following 3 clients:
Global Inc. purchased a machine and incurred the following expenditures:
Purchase price
$20,000
Freight costs
$1,000
Sales tax
$2,000
Insurance on shipment
$200
Insurance for the first year on the machine
$500
Installation of the machine
Brands Resources traded an old machine for a new machine. The book value of the old machine was $150,000 (original cost $320,000, less accumulated depreciation of $170,000). The fair value was $180,000. Brands Resources paid $20,000 to complete the exchange.
Reliable Company purchased a machine on January 1, 2008 at a net cost of $85,000. At the end of the 4-year life, it expects the machine will have a salvage value of $5,000. It also estimates that the machine will run for 10,000 hours during its 4-year life. The company has a fiscal year that ends on December 31.
Year
Machine hours
2008
2,000
2009
3,000
2010
1,000
2011
4,000
Prepare the company's process cost summary for October using the weighted-average method. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished good inventory.
Rhianna and Jay are married filing jointly in 2011. They have six children for whom they may claim the child tax credit. Their AGI was $123,440. What amount of child tax credit may they claim on their 2011 tax return?
Assume that there are 2,000 hours available on the cutting machine and that the demand for each product is 15,000 units. If one more hour of machine time could be obtained, how much would profits increase?
Journalize the transactions and Journalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory system.
She takes her concerns and observations to the Financial Vice President who says he will review her findings and look into the problem. What are the potential negative effects of decentralization?
Prepare a monthly income statement for Larimer Industries at a sales volume of 10,000 units, using the contribution format. Note that there is no interest or income tax expense, because Larimer is simply a division of the corporation. What is the..
Evaluate the full unit product costs for Widgets and Gadgets using the traditional costing system and Find the full unit product costs for Widgets and Gadgets using the ABC system.
If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Excom debit Product Warranty Expense?
In the given paragraph, identify the placement, layering stages and integration of money laundering in Joey's plan Do you think Joey's plan may succeed and why?
Three different companies each purchased a mcahine on January 1, 2012 for 54,000. Each machine was expected to last five years or 200,000 hours, salvage walue was esitmated to be 4,000. which company will report highest amount of net income for 2..
From the data given compute the Break Even Point - Evaluate break-even point in terms of dollars
Write down clearly and concisely about business law and tax using proper writing mechanics
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