Reference no: EM13792306
Choose any item that affects the basis of an asset and indicate how it affects the gain or loss recognized on that asset and, consequently, taxes. Are there any economic, social, political or revenue implications for these adjustments to the basis?
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Variable factory utility cost per case bottled is closest
: A soft drink bottler incurred the following factory utility cost: $3,911 for 850 cases bottled and $3,966 for 1,000 cases bottled. Factory utility cost is a mixed cost containing both fixed and variable components. The variable factory utility cost p..
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Direct labor cost and prime cost
: During the month of September, direct labor cost totaled $13,400 and direct labor cost was 40% of prime cost. If total manufacturing costs during September were $73,000, the manufacturing overhead was:
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Amount of casualty loss deduction and how is it deducted
: Mary Contrary runs a nursery, Mary Contrary’s Garden, out of her home. She uses the greenhouse, which is attached to her home, to grow the plants that she sells and to grow her personal garden plants. The business use of the nursery is 80%. What is t..
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Compute the labor price-quantity variances
: Lewis Company’s standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $14.00 per hour. During August, 43,100 hours of labor are incurred at a cost of $14.13 per hour to produce 12,500 units of Product DD. Compute the to..
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Any economic-social-political or revenue implications
: Choose any item that affects the basis of an asset and indicate how it affects the gain or loss recognized on that asset and, consequently, taxes. Are there any economic, social, political or revenue implications for these adjustments to the basis?
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Prepare the journal entries for the transactions
: Purchased a new piece of equipment for $75,000 signing a six month, 7% note payable. Received an invoice for their telephones for $375.00 that will be paid next month. Purchased 400 shares of Treasury stock at $7.00 per share. Prepare the journal ent..
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Fair value method of accounting
: On July 1 of the current year, Melissa Co. acquired 25% of the outstanding shares of common stock of International Co. at a total cost of $700,000. The underlying equity (net assets) of the stock acquired by Melissa was only $600,000. Prepare all jou..
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What is the actuarially fair premium for each type of policy
: Suppose a society contains two individuals. Joe, who smokes, and Tanya, who does not. They each have the same utility function U(C)=ln(C).If they are healthy, they will each get to consume their income of $15,000. What is the actuarially fair premium..
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What are consolidators goods available for sale
: For the month of January, Consolidated Engine Parts, Inc, had the following financial information: merchandise inventory, January 1, $322,000; merchandise inventory, January 31,$316,400; gross purchases,$243,460; purchase returns and allowances,$26,8..
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