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Marcie is a 40% partner in the MAP Partnership. During the current tax year, the partnership reported ordinary income of $140,000 before payment of guaranteed payments and distributions to partners. The partnership made an ordinary cash distribution of $10,000 to Marcie, and paid guaranteed payments to partners Marcie, Alice, and Pat of $20,000 each ($60,000 total). How much will Marcie's adjusted gross income increase as a result of the above items?
a. $32,000
b. $52,000
c. $56,000
d. 76,000
e. None of the above
Montoya manufacturing has fixed costs of $1,800,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $180,000?
Niven Co., a developmental stage enterprise, incurred the following costs during its first year of operations:Legal fees for incorporation and other related matters $55,000Underwriters fees for initial stock offering 40,000Exploration costs and pu..
Page Enterprises has bonds on the market making annual payments, with eight years to maturity, and selling for $988. At this price, the bonds yield 7.90 percent.
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. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
Pynchon issued $400,000 face value, 8% bonds, for $437,000, including accrued interest. In addition, bond issue costs amounted to $2,900, which are not included in the $437,000.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
An individual actually earned a 4% nominal return last year. Prices went up by 3% over the year. Given that the investment income was subject to a federal tax rate of 28% and a state, and local tax rate of 6%
A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. T..
The fixed manufacturing overhead variance caused by actual activity being different from the estimated activity used in calculating the predetermined overhead application rate is called the:
Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?
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