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The Alphonse Company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours. At the beginning of the year the company expects fixed overhead costs to be $600,000 and variable costs to be $800,000. The expected machine hours are 6,000 and the expected direct labor hours are 80,000. The actual fixed overhead costs are $700,000 and the actual variable overhead costs are $750,000. The actual machine hours during the year are 5,500 and the actual direct labor hours are 90,000.
a. How much overhead is allocated?
b. What is the over/underabsorbed overhead?
Discuss how gift and estate taxes are "unified." What is the impact of taxable gifts on the donor's death tax base?
All-inclusive and current operating performance concepts of income represent opposing views regarding the inclusion of items to be reported in earnings on the income statement.
Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ic..
haslett corporation uses standard costs with its job order cost accounting system. in january an order job no. 12 for
Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar.
Which method of accounting (GAAP or IFRS) do you more closely agree in concerning the allocation of purchase price? Explain your rationale.
For example, adequate control over the time on employees' time cards includes the use of a time clock or other method of making certain that employees are paid for the number of hours they worked. Discuss other key internal controls over the timek..
How much gain or loss does Sam recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest?
capital lease accounting for lessee. on 112014 the dexter company leases a piece of equipment to the gracie company for
EZ, Inc., reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is $500,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 40%.
1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable.
The partnership paid $3000 in interest that was amount owed for the year and paid $8000 for a two-year insurance policy on the first day of business.
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