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Tower Company planned to produce 3,000 units of its single product, Titactium, during November. The standards for one unit of Titactium specify six pounds of materials at $0.30 per pound. Actual production in November was 3,100 units of Titactium. There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
a. more materials were purchased than were used.
b. more materials were used than were purchased.
c. the actual cost per pound for materials was less than the standard cost per pound.
d. the actual usage of materials was less than the standard allowed.
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
At what price, if at all, should Tom and Lynda offer valet parking as an optional feature of the membership? Justify with supporting calculations.
List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given service can pose for an audit firm's independence.
Jaclyn is going to the company's primary bank to negotiate a line of credit and wants to show the maximum amount of income without actually changing last year's results. What costing method of inventory(variable or absorption) should she choose? W..
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
Prepare the journal entry to record the issuance of the bonds. Prepare the adjusting entry to record the accrual of interest on December 31, 2008. Show the balance sheet presentation on December 31, 2008.
How do companies balance the need to maintain control over their payroll systems with the costs to implement controls to mitigate risks?
Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.
The after-tax profit margin is forecasted to be 5 percent, and the forecasted retention ratio is 30 percent. Use the AFN equation to forecast Carter's additional funds needed for the coming year.
In 2005, 509 Brunswick Avenue was sold for $550,000. A reasonable allocation of this amount is considered to be 75% to the building and 25% to the land.
The use of accounting databases enables researchers to obtain data to help answer their questions more efficiently. Using the FASB Codification database and other sources such as the SEC Web site as guides, answer the following questions:
Many states base their estate tax laws on the federal tax system. Since the end of 2004 some states have decoupled from the federal estate tax.
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