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The Yellow Equipment Company, an accrual basis C corporation, is a manufacturer's representative and works on a commission basis (15% of sales that it places) and does not carry inventory. In November 2010, Yellow made a sale and collected a commission for $15,000. In June of 2011, the customer had not received the equipment from the manufacturer and canceled the order. As a result, Yellow was required to refund the $15,000 commission to the manufacturer. Yellow's taxable income in 2010 was $70,000, and in 2011 Yellow's taxable income was $20,000 after deducting the refund. The applicable tax rate schedule is 15% on the first $50,000 of income and 25% on income in excess of $50,000. What is the effect of the refund on Yellow's 2011 tax liability?
Explain how a physical inventory count would differ in a company using a perpetual inventory system versus one using a period inventory system.
Calculate the following variances: Direct manufacturing labor rate variance, Direct manufacturing labor usage variance, Direct materials price variance (how we did it in the chat session), Direct materials usage variance
The manufacturing overhead budget of Lewison Corporation is based on budgeted direct labor-hours. The June direct labor budget indicates that 5,800 direct labor-hours will be required in that month.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
Design at least two tables that could be used in a database for the hosting of information of your selected accounting cycle revenue cycle.
Len Mast earned $3,900 for the last two weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's income tax? Use the percentage method.
Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
How do supply, demand, and price controls interact to affect farm production in Columbia and Afghanistan? How does the illicit nature of drug imports from Columbia and Afghanistan affect consumer behavior?
Under the completed contract method, how much should the company recognize as gross profit for 1993?
A performance report for direct labor shows a variance between the budget and actual amounts. This difference is a:
Provide justification as to how far is this statement correct. Also state the needs for regulation in accounting and why free market for accounting information is not good.
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