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Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials cost of $100,000, direct labor costs of $75,000, and overhead costs of $45,000 during the month. How many units did they manufacture during the month?
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
What role does GAAP play in how firms determine transfer prices?
Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.
Inventory of finished goods on December 31 was 6,400 units. The company desires to have an ending inventory each month equal to one-half of next month's estimated sales.
In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..
What happens when a taxpayer experiences a net loss from a rental home?
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?
A manufacturer is developing a new board game geared towards children. To be competitive with other board games, the company has set a target price of $25 for the game. The company likes to maintain a target profit equal to 35 percent of the produ..
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
Turquoise and Topaz Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments.
This project is expected to generate $44,000 of net cash inflows each year of its 6 year life. The project has no salvage value. What was the initial investment required for this project?
If the contribution margin ratio for Ernie Company is 40%, sales were $750,000, and fixed costs were 225,000, what was the income from operations?
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