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Mansfield Corporation estimates its manufacturing overhead costs to be $160,000 and its direct labor costs to be $320,000 for 2007. The actual manufacturing labor costs were $80,000 for job 1, $120,000 for job 2 and $160,000 for job 3 during 2007. Manufacturing overhead is applied to jobs on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing overhead cost for the year was $172,000.
The amount of the manufacturing overhead variance during 2007 was:
a) $ 8,000 Overapplied
b) $12,000 Overapplied
c) $12,000 Underapplied
d) $ 8,000 Underapplied
Assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB"s oversight of governmental accounting is as effective as the FASB's over financial standards for-profit entities.
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
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Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. the new crane cost Keillor $165,000 t..
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Calculate the amount of accumulated depreciation to be debited or credited in the preparation of the 2009 consolidated balance sheet.
During 2010, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2009, her stock basis was $4,000.
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
Under Carl's will, Carl created a testamentary trust to be funded with $700,000 worth of assets. All of the income of the trust is payable to Carl's child, Jane, for her life, and thereafter, the remaining assets of the trust will pass to The Publ..
How exactly does international tax planning assist a US citizen avoid taxes? Discuss what you feel are the legal, ethical and fairness issues involved in doing this type of international tax planning.
Which of the following expenses related related to effecting the business combination should enter into the determination of net income of the combined corpation for the period in which the expense are incurred?
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