Question - Buddy Industries, Inc., (BII) developed the following standard costs for direct material and direct labor for one of their major products, the 10-gallon plastic container. Standard quantity Standard price Di ...
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Question - Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was ...
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Question - Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2018, the business pays $100,000 in W-2 wages, holds $150,000 of qualified p ...
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Question - X Company's profit equation next year is expected to be 0.47R-$12,900, where R is total revenue. Assuming a tax rate of 36%, what must next year's revenue be in order for X Company to earn after-tax profits of ...
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Question - Background info: Company A (parent) purchased 100% of the shares in Company B (subsidiary). Company B sold inventory on the 1/3/17 to Company A for $98,000. This inventory had cost Company B $69,000. by 30/6/1 ...
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Question - A taxpayer purchased land in 2007 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of $5,000. What is the amount of gain/loss on the sale of the land? $5,000 loss. $5,000 g ...
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Questions - 1. Discuss the importance of accurate product costing. In your discussion you should highlight the problems associated with using traditional costing system which Beztec has been using. 2. Calculate the cost ...
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Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 4 ...
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Question - Flounder Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400 ...
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Question - In January, Ms. NW projects that her employer will withhold $25,000 from her 2019 salary. However, she has income from several other sources and must make quarterly estimated tax payments. 1. Compute the quart ...
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