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Question - Smith Company manufactures fish tanks. One of the fish tanks that the company produces is a 2.6 gallon fish tank that the company sells for $37.50. The fish tanks are manufactured in an outdated fish tank manufacturing facility that is labor intense, relying heavily on direct labor workers. Variable costs are high, totaling $22.50 per 2.6 gallon fish tank of which 60% is direct labor cost. Last year the company sold 40,000 2.6 gallon fish tanks and had $480,000 in fixed expense associated with the 2.6 gallon fish tank. Compute a the contribution ratio, compute a break even in number of 2.6 gallon fish tanks and compute the degree of operating leverages of last years level of sales.
Determine the number of shares of stock outstanding after the four transactions described above
Identify and describe the sources of generally accepted accounting principles. Identify the source hierarchy and explain why the hierarchy is important
What is boot and how is it treated in like-kind exchange? Define and discuss the purpose and impact of Material participation
What Ken recognized loss will be? Ken, a calendar-year taxpayer, owns 50 shares of Copper Corporation stock, which was purchased two years ago
on april 30 2010 alvira co. had 21600 units in process that were 85 percent complete as to material 60 percent complete
Calculate the end of the year cash balance.Beginning of the year cash balance: 2,000. Net income: 300. Increase in accounts payable: 60
On June 1, 2019, KA Company paid $12,000, Which account the adjusting journal entry on December 31, 2019 would include a credit?
After year 10 the equipment will be worthless. With a 5%MARR, what is the most he can justify paying for the equipment?
For each of the scenarios provided (1-12) answer the following questions: a. Is the transaction taxable? b. If not, indicate the type of reorganization.
Donna and Steven own all the stock in Pink Corporation (E & P of $2,000,000). What are the tax issues for Donna, Steven, and Pink Corporation
Prepare a multiple-step income statement for the month ended March 31, 2018. Calculate the gross profit ratio for the month of March.
What did the United States Supreme Court in Citizens United v. Federal Election Commission strike down as unconstitutional in the BCRA
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