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Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations:
Expenses of temporary directors and of organizational meetings $9,000Fee paid to the state of incorporation 1,000Accounting services incident to organization 2,500Legal services for drafting the corporate charter and bylaws 3,500Expenses incident to the printing and sale of stock certificates 4,000
Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2010?
a. $0.
b. $533.
c. $5,367.
d. $5,500.
e. None of the above.
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs.
What is the budgeted variable overhead cost rate per output unit? What is the flexible-budget amount for variable manufacturing overhead? What is the flexible-budget variance for variable manufacturing overhead?
In your role as the financial manager, you routinely review your firm's financial statements and financial ratios to evaluate the financial health of your company.
Tammy called and wanted to let you know her new situation. Her real estate agent advised her that the home was worth $570,000 when her father died, and $450,000 when her mother died. As her CPA, how would you advise her?
Now that Bob has a better understanding of financial ratios, he's anxious to begin comparing last year's performance with this year'sperformance. What initial advice should Mark offer?
Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for:
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
The bonds were issued four years ago at par ($2,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate. Diluted earnings per share are ??
Using IFRS, future lease payments for an operating lease include what required disclosures?
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
The land contributed by Ashley was encumbered by a $40,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Ashley's partnership interest is:
Analyze how consolidations and business combination promulgations affect off-balance sheet manipulations. Include research on the development of consolidations and business combination promulgations.
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