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Research Problem 2. Your client, John Butler, is an avid Houston Astros fan. Last March at the Astros' home opener, as a result of a random drawing of those in attend- ance at the game, John won 300 Shipley Do-Nut coupons. Each coupon entitled him to a cup of coffee and a free doughnut or a dozen doughnut holes.
John used some of the coupons (approximately 20), but he found that eating so many doughnuts directly conflicted with his goal of losing weight. The unused cou- pons expired on January 1, 2015. Thus, John was surprised when he received a Form 1099 in February 2015 that valued his prize at $900. John would like to know whether the value of the doughnut coupons should be included in income and asks you to research his question. If you conclude that their value should be included in income, John also would like to know if he can reduce his gross income by including in income only the value of the coupons that he used. He has the unused coupons as documentation that neither he nor anyone else used them.
a. Determine the budgeted factory overhead rate based on direct labor-hours. b. What is the applied overhead based on direct labor-hours? c. Is overhead overapplied or underapplied and by how much?
1. analysis of stockholders equity star corporation issued both common and preferred stock during 20x8. the
beazer homes u.s.a.. please respond to the followingexplain which is more serious the allegations against beazer homes
Prepare a new contribution format income statement under each of the following conditions (consider each case independently)
what is effect on the Karl's individual income tax with the following conditions?( tax year 2011)
Determine the amount of depreciation expense for each year using the straight line method. Journalize the depreciation expense entry used by Caribe Company for the end of fiscal year 2005 and 2006.
Should this managerial reporting of standard variance practice be permitted to continue.
1. at the end of the current year accounts receivable has a balance of 675000 allowance for doubtful accounts has a
dent corporation had net income of 182000 based on variable costing. beginning and ending inventories were 5000 units
What are the two wrongs to which Larry refers? Is he right?
2. Cash dividends of $9,000 were declared and paid in 2014. 3. Land was sold for cash at a loss of $7,000. This was the only land transaction during the year.
the balance sheet of lennox health foods at december 31 2011 reported 120000 shares of no-par common stock authorized
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