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In 2010 the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex. In payment, Moncrief agreed to pay Lester 20% of the gross profit recognized from the sale of Zelenex in 2011. If Moncrief purchases the additional units at year end under a periodic LIFO inventory system, Moncrief reduces Jim Lester's payment by $40,000and decreases gross profit by $200,000 .The net effect on before-tax income is a decrease of $160,000 . Since Moncrief does not intend to sell the units until 2004, the only logical reason for purchasing more costly inventory at year-end is profit manipulation. Should Moncrief exercise its right to purchase inventory at will, resulting in a reduction in net income, or recognize the rights of Jim Lester to receive profit for the sale of his product, shareholders' rights to have their investment appreciate through positive earnings, and government entities' rights to collect tax on economic net income? Why?
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
you are doing your final research before you write your business plan. industry a has 20 firms and a concentration
Do you think this an accurate statement on the loan request process? What other considerations or information likely are part of the decision-making process by the bank?
Assume that the fair value of the Dryer division is $1,100,000 instead of $1,250,000. Prepare the journal entry to record the impairment loss, if any, on December 31, 2004.
Net income for the year ended December 31,2008, was $6,000. Assuming an income tax rate of 50 percent what would be the company's diluted earnings per share for the year ended December 31, 2008?
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their ave..
The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment. What amount should Robert's capital account be recorded?
When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the consolidated worksheet?
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
in the month of june davis computers paid three months rent in advance. the journal entry to record this transaction
Some accountants have advocated that a company's human assets be measured and included directly in the financial statements. For example, cost of hiring and training an employee would be recorded as an asset that is amortized over the employee's e..
The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000..
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