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Managers need to know enough about accounting concepts and their applications, that they can understand and interpret financial data and make the best decisions possible. Suppose a manager in a manufacturing plant goes to the chief Accountant in the organization and asks for the manufactured per unit cost of a product, and the accounting manager stresses the point that "if you sell for less than this, you will lose money". Suppose the manager then decides to sell some of this product for less than that cost. Do you think the manager is demonstrating a knowledge of accounting concepts or just making a mistake that will lose money for the company. Explain.
Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will:
Some people have more taxes withheld from their paychecks than is needed in order to get a refund every spring. Why would they do this? Do you agree with this strategy for a taxpayer?
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
The hockory Cabinet and furniture Company makes chairs. The fixed cost per month of making chairs is $7,500, and the variable cot per chair is $40. Price is related to demand according to the following linear equation.
Discuss whether direct labor is a fixed or a variable cost. What are the pros and cons of management treating direct labor as a variable cost?
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
Griffith Company started its production operations on July 1. During July, the silk-screening department completed 15,600 units. There were 2,400 units in ending inventory which were 75% complete with respect to materials and 20% complete with res..
Below is the summary of the subsidiary's expected pre-tax cash flows for the first five years in each location. Even though most operating cash flows will be in pesos or bahts, the company anticipates some US dollar denominated expenses.
Conduct online research for a large company to see if you can find their code of conduct. What influence do you believe these codes of conduct have on the decision-making behavior of their members or employees?
By automating the process, the company would save $108,000 per year in cash operating costs. The simple rate of return on the investment is closest to:
How would I calculate an annuity contract that pays $800 per month. The annuity cost $60,000 and it has an expected return of $100,000. How much of each monthly annuity payment is includible in a gross income?
Explain what a Flat Income Tax System is and how it differs from progressive tax system?.What are advantages and disadvantages of a Flat Income Tax?
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