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Village Manufacturing produces two types of electronic products - Games and Puzzles. The following information is available related to each product:
Games
Puzzles
Sales price per unit
$60.00
$55.00
Variable costs per unit
20.00
35.00
45% of the products sold are Games and 55% arePuzzles.
If total fixed costs are $50,460, how many games need to be sold in order for the company to break-even?
On June 30, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much of the $120,000 is a dividend to Sharon?
On October 1, 2011, $2,500,000 of these bonds were converted into 35,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion.
Muriel, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2009, she had interest income of $2,400 and $800 of earned income from babysitting. Muriel's taxable income is what?
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
If you need $11,500 in eight years how much would you have to put in an account now that pays annual interest of 10% compounded semiannually to obtain your goal?
Explain the net revenue approach to revenue recongnition employed in general fund and special revenue fund (and other governmental fund) accounting and reporting, including why it is used.
The enacted tax rate is 25% in current and future periods. What will White record as its income tax expense in Year 1?
Emmy would like to organize PRK as a C corporation with herself as sole shareholder. Emmy expects PRK to generate $15,000 annual income before paying Emmy's salary. Individual ordinary rates are 25 percent, corporate rates are 15 percent, and individ..
Five equal payments of $10,000 per year are required by the term of the lease, with the first payment due upon signing. Quattro's incremental borrowing rate is 8%, but its implicit interest rate is unknown.
DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?
Assume that the quantity demanded at the price calculated in part a is only 600 units. What is the full cost of the globe, and what is the price with a 25 percent markup?
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