Mr JRK commenced business on 1st November 2017. the following transactions occurred in the month: 1st He introduced cash of $700,000 into the business 2nd He made credit purchases of inventory valued at $120,000 5th Credit sales were $200,000 6th He paid $15,000 to rent three vehicles for the business 7th He purchased new office furniture for $25,000 cash 9th He got a loan of […]
Current distributions. Lisa has a $25,000 basis in her partnership interest before receiving a current distribution of $4,000 cash and land with a $30,000 FMV and $14,000 basis to the partnership. Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.a. Determine Lisa’s recognized gain or loss, Lisa’s basis in distributed property, and […]
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): The June 1 work in process inventory consisted […]
2. Which of the following statements is CORRECT ?a. The income statement for a given year, say 2005, is designed to give us an idea of how much the firm earned during that year.b. The focal point of the income statement is the cash account, because it cannot be manipulated by “accounting tricks.”c. The reported income of the two otherwise identical firms cannot be manipulated […]
1. Record all of the transactions for April in the appropriate journals.2. Prepare the trial balance at April 30, 20XX.3. Prepare the income statement for Lucky for the four months ending April 30, 20XX.4. Prepare a statement of retained earnings for the four month period ended April 30, 20XX.5. Prepare a balance sheet as of April 30, 20XX.6. Prepare a general journal for the month […]
The Beal Manufacturing Company’s job costing system has two direct cost categories, direct materials and direct manufacturing labour. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard direct manufacturing labour-hours (DLH). At the beginning of 2013, Beal adopted the following standards for its manufacturing costs based on production of 8,000 units: Input Cost per Output Unit Direct materials3 kilograms […]
Return on Investment – Education Funding Develop a three- to five-page analysis (excluding the title and reference pages) on the projected return on investment for your college education and projected future employment. This analysis will consist of two parts. Part 1: Describe how and why you made the decision to pursue an MBA. In the description, include calculations of expenses and opportunity costs related to […]
Project AnalysisMcGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $675 per set and have a variable cost of $340 per set. The company has spent $150,000 for a marketing study that determined the company will sell 70,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 9,000 […]
Development Company is considering investment project requiring 1.5 million in equipment and additional installation costs of 30,000 and 50,000 in fixtures. Incremental operating income for this project is expected to be 455,000 for 4 years and 475,000 for another 3 years. At the end of seven years the equipment will be sold for 155,000. Before investing they were renting the unused building for 60,000 a […]
Explain the differences between revenue expenditures and capital expenditures during a useful life and identifying any similarities.Briefly explain the entries of revenue expenditures and capital expenditures.Describe the process and options for ratably reducing the carrying value of Long-term, Tangible and Intangible Assets, including GW-Goodwill and R&D-Research & Development.The summary is 500 to 800 words in length.Format your paragraph consistent with APA guidelines.At least one cited […]
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