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Garcia and Buffet, a local CPA firm, has budgeted 100 000 in fixed expenses per month for the tax department. It has also budgeted variable cost of 5 dollar per tax return prepared for supplies, 35 dollar per return for labour and 10 dollar per return for computer time. The firm expects revenue from tax return preparation to be 300 000, based on 2000 tax returns at 150 dollar each. During the current month, 1850 tax returns were actually prepared, at an average fee of 147 dollar each. Actual variable costs were 9100 dollar for supplies, 65 000 dollar for labour, and 18 000 for computer time. Actual fixed costs were 100 000 dollar.
Required :Prepare a flexible budget for the tax department of Garcia and Buffet for the current month.
Prepare Addams's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
Dancer Corp has a selling price of $25 per unit, and variable costs of $19 per unit. When 20,000 units are sold, profits equaled $88,800. How many units must be sold to break-even?
a contractor has purchased a wheeled loader for 130000 and expects to use the loader an average of 1500 hours per year.
Your client, Totally Toys, is a toy manufacturer. For several years, the company buried empty paint cans on its property. The paint was used in the production process.
finlon upholstery inc. uses a job-order costing system to accumulate manufacturing costs. the companys work-in-process
belgian chocolate company makes dark chocolate and light chocolate. both products require cocoa and sugar. the
make-or buy and relevant costs - the assembly division of davenport inc. is bidding on an order of 50000 smart phones.
Education Sciences Company, in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2007.
pink jeep tours offer off-road tours to individuals and groups visiting the southwestern u.s. hopspots of sedona
Given the quantity and total fixed and variable costs, compute the remaining costs the complete the following table.
Summary balance sheet data for Greener Gardens Co. is shown below (in thousands of dollars). The company is in a highly seasonal business, and the data show its assets and liabilities at peak and off-peak seasons:
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?
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