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Brass Works, Inc. produces brass lamps and gift products. Engineers at Brass Works have established the following direct labor standards to produce a brass candelabra:
Direct Labor Standard: 2 hours at $10 per hour
During April, Brass Works used 2,380 hours of direct labor time to make 1,000 candelabras. The actual wage rate paid was $9 per hour.
Compute the following variances: (1) direct labor rate variances, (2) direct labor time variance, and (3) total direct labor variance.
Sam Jones is a pharmacist earning $90,000 per year and he decided whether to purchase a pharmacy and become manager of a business that generates revenue of $500,000 each year.
what is talley's pension expense to be recorded for year 8? (hint the expected return on plan assets equals beginning of year plan assets times the settlement rate)
a. How much dividend income does Speedways have? b. How much and what kind of taxable income does Speedways have because of the distribution? c. What is Speedways's basis in its stock immediately after the distribution?
A company with working capital of $500,000 and a current ratio of 2.5pays a $85,000 short-term liability. The amount of working capital immediatelyafter payment is:
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,000,000 pesos. It will receive payment in three months on September 1.
What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior? - Answer in 150-200 words.
Beginning work in process inventory $ 90,000 Direct materials used 70,000 Actual overhead 110,000 Overhead applied 80,000 Cost of goods manufactured 160,000 Ending work in process 200,000 Reich Manufacturing Company's total CURRENT manufacturing c..
The following January, Shaver announced a $100,000 net income for 2011 and declared a cash dividend of $.50 per share on its 100,000 shares of outstanding common stock. The Northwick Company dividend revenue from Shaver Corp. in January 2011 would..
Prepare schedule to reconcile accounting and taxable income and to compute taxes payable. Prepare a schedule of temporary differences and deferred income taxes. Prepare Journal entry for each year. Show how income tax expenses, deferred income tax as..
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
The following standards for variable manufacturing overhead have been established for a company that makes only one product. Hours worked were 2,600. Variable overhead cost was $31,330 and 400 units were produced. What is the variable overhead spe..
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