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Clinton Company sells two items , product A and product B. The company is considering dropping product B. It is expected that sales of product A will increase by 40% as a result. Dropping product B will allow the company to cancel its monthly equipment rental costing $100 per month. The other existing equipment will be used for additional production of product A. One employee earning $200 per month can be terminated if product B production is dropped. Clinton's other fixed costs are allocated and will continue regardless of the decision made. A condensed, budgeted monthly income statement with both products follows:
Product A Product B TotalSales$10,000$ 8,000 $18,000Direct materials 2,500 2,000 4,500Direct labor 2,000 1,200 3,200Equipment rental 300 2,600 2,900Other allocated overhead 1,000 2,100 3,100Operating income $ 4,200 $ 100 $ 4,300
Determine the total deductions in calculating taxable income related to the machine for 2011 assuming Glory has taxable income of $500,000.
X corp issued a $100,000 5 year bond, stated interest rate on bond at 10% on January 1,2010. Interest is paid annually at the end of the year. the market interest rate was 7%.
The trust reports on a calendar tax year and distributes the $60,000 of 2007's net accounting income to Marty on January 20, 2008. No other distributions are made the current year. Marty's taxable income from the trust this year is:
communication can be distorted unintentionally as a result of the existence of some cultural differences. In today's global and multi-cultural world that we live in, the opportunity for these language distortions obviously can occur in negotiation..
Give Sapling's entries reflecting the purchase of wood chipper. Give Fir's entries reflecting the sale of wood chipper.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
What amount of the withdrawal, after tax considerations, will Brooklyn have available to purchase the car?
Which of the following indicates that a company may benefit from an Activity-Based Costing system?
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
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