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Wenger Company reported income before taxes of $600,000 and an extraordinary loss of $150,000. Assume that the company's tax rate is 30%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, respectively?
a. $420,000 and $150,000.
b. $420,000 and $105,000.
c. $495,000 and $150,000.
d. $495,000 and $105,000.
Salter Inc.'s unit selling price is $50, the unit variable costs are $35, fixed costs are $125,000, and current sales are 10,000 units. How much will operating income change if sales increase by 5,000 units?
Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.
Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partership net income according to the following plan.
You're a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security.
Two parties seek to perform a like-kind exchange. The first party has real property with a FMV of $350,000 and a loan of $50,000. She purchased the property for $150,000 in 1996 and has since depreciated the property by $50,000.
Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
Which of the following would be considered "constuctively received?"
In which of the following situations is the taxpayer not allowed a deduction for moving expenses?
Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect may it have on assets, liabilities and owner's equity?
Record pension expenditures are not always influenced by actuarial computations.
What is the fundamental accounting model? Explain what debit and credit mean? What is a journal entry?
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