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Sweetwater, Inc. is an S corporation in Sour Lake, Texas. a. In 2012, Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year. It reports $58,000 of taxable income and AMT adjustments of $17,000 for the year. Calculate any passive investment income penalty tax. b. In part
(a), what if taxable income was $39,000?c. If this will be the third consecutive year the company may be subject to the penalty tax on excessive passive investment income, what could Sweetwater do before the end of the year to avoid the tax?
the following information is available for maher manufacturing company. -- direct materials price standard is 3.25 per
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A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
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The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour - Compute the unit product cost that would appear on the job cost sheet for this job.
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