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Question- The following selected transactions relate to liabilities of Chicago Glass Corporation for 2013. Chicago's fiscal year ends on December 31.
1. On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6.
2. On February 3, Chicago received $6,700 of refundable deposits relating to containers used to transport glass components.
3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price.
4. First quarter credit sales totaled $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%.
Required: Prepare journal entries for the above transactions.
Estimated state income tax payments of $1,000 each quarter and estimated city income tax payments of $300 each quarter. The Dunphys made all fourth-quarter payments on December 31, 2013. They would like to receive a refund for any overpayments.
Madlem, Inc., produces and sells a single product whose selling price is $240.00 per unit and whose variable expense is $86.40 per unit. The company's fixed expense is $720,384 per month.
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. Which should he choose for his investment?
The value of your client's interest in the property and the value of the business as a going concern. State any assumptions made.
Estimating future retirement Needs. Assume Jared and Trish Roberts needs 26,792 each year for the first 20 years after their retirement, and 20,000 each year for the next 5 years, re-compute the amounts for Line N and Line Q.
Investors always act in a completely rational manner. Under the Prospect Theory which statement is true. What is a breakout in reference to support and resistance levels? When a put-call ratio is at .90 there is pessimism from option traders
Acme Company has the following information pertaining to the purchase of a new piece of equipment.
If a new accounting standard impact on profits, should this impact on the value of the firm, and if so, why and will the imposition of a particular accounting method have implication for the efficiency of the organization?
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-3). Find the price at which the firm sells the product.
The company decided that, for the sake of conciseness, only net income should be reported on the income statement. Details as to revenues, cost of goods sold, and expenses were omitted.
The Act of 2010 to modernize German accounting reflects both a willingness to change as well as to retain traditional German accounting practices. Required Do you agree with the preceding statement? Explain.
Illustrate what is the price of this stock today given a required return of 12 percent? Your tax rate is 31 percent and your required return on this project is 11 percent. What bid price per stamp should you submit?
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