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Rajdeep Scooters is organized as multiple divisions. All divisions are profit centers. The Engine Division manufactures two-stroke engines used by the assembly division. The market price of the engine is Rs. 18,000 (Rs stands for rupees, the currency in India.) The division's cost sheet contains the following information about an engine's cost:
Item CostDirect Materials Rs. 6,000Direct Labor 3,000Variable Overhead 1,000Fixed Overhead 2,000
a. What would be the transfer price if the company uses a policy of setting the transfer price at variable cost plus a 20% markup?
b. What would be the transfer price if the company uses a policy of setting the transfer price at full cost plus 10% markup?
c. Comment on whether either of the above two estimates would be a "fair" transfer price.
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;
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Your company has a pension plan. At the end of the year your company reports an ABO of $250,000, PBO of $300,000 and Plan Assets of $230,000 for the year ended December 31, 2011.
Nora transfers to Needle Corp depreciable machinery originally costing $18,000 and now having a $15,000 adjusted basis. In exchange, Nora receives all 100 shares of Needle stock having an $18,000 FMV and a three-year Needle note having a $4,000 FM..
Elizabeth's property had an adjusted basis of $9000 and a fair market value of $10,500, and Elizabeth gave Debbie $4500 in cash. Determine Debbie's and Elizabeth's realized gain of loss, recognized gain or loss and the basis in their new property.
Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence?
Prepare an income statement for the adjusted trial balance of Hanson Storage. Prepare a balance sheet from the adjusted trial balance of Hanson Storage
Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest..
Actual litigation by the client against the auditor for an amount not material to the auditor or to the financial statements of the client arising out of disputes as to billings for tax services.
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