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Managers of Wheldon Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000. In computing the overhead variances, Wheldon's management discovered that it had used 3,800 hours of direct labor, rather than the budgeted (Hours of direct labor is the single overhead driver of variable overhead). The standard variable overhead rate per hour of direct labor is $20.00. What is Wheldon's variable overhead spending variance?
Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
The Fancy Umbrella Company makes beach umbrellas. The production process requires 3 square meters of plastic sheeting and a metal pole. The plastic sheeting costs $0.50 per square meter and each metal pole costs $1.00.
Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
At the time of the liquidation, the property had a FMV of $80,000. What amount of loss can be recognized by Cooper on the distribution of property?
Rhoda, a calendar year taxpayer, files 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 $25000.
A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;
XYZ Corporation, with a division located in Germany, must translate its financial statements from euros to U.S. dollars. What is the major issue involved in translation?
Similarities between manufacturing, non-manufacturing, serviced based businesses and not for profit organizations are.
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows ..
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