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Brass Works, Inc. produces brass lamps and gift products. Engineers at Brass Works have established the following direct labor standards to produce a brass candelabra:
Direct Labor Standard: 2 hours at $10 per hour
During April, Brass Works used 2,380 hours of direct labor time to make 1,000 candelabras. The actual wage rate paid was $9 per hour.
Compute the following variances: (1) direct labor rate variances, (2) direct labor time variance, and (3) total direct labor variance.
Olga, a cash basis taxpayer, sold a corporate bond with accrued interest of $300 for $10,000. Olga's cost of the bond was $10,000. What is her gross income for tax purposes?
During 2012, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Cincinnati, Ohio, and earned $22,000. The state unemployment rate for Rowland is 4.6%.
1. From the information given, record closing entries. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
Could a company lose to a competitor if they do not have real time online perpetual inventory records to provide answers to customers that are trying to place an order?
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
Assuming that the equipment sold on April 5, 2009 what would the accumulated depreciation on equipment and the loss of disposal fixed assets be in April of 2009?
Compute the break-even point in number of rooms rented. What percentage occupancy for theyear is needed to break even? Assume that the volume level of rooms sold is 150,000. The manager is wondering how much incomecould be generated by adding sales ..
Draw a scatter diagram of the airport costs. Compute the least spuares regression estimates of the variable and fixed cost components in the airport cost behavior pattern.
John's specialty store uses a perpetua; inventory system. The following are some inventory transactions for month of May 2009: 1. John's purchased merchandise on account for $5,000.
Joe has asked you to help him decide which of these potential contributions will be most advantageous tax-wise. Jay's taxable income is $3.5 million before considering the contribution. Rank the four alternatives and communicate your advice to Joe..
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
On January 2, 2007, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Riley Corporation declared and paid its first dividend.
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