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Your contracting activity negotiated a $7,500,000 sole-source contract with the Williams Corporation about eight months ago. After the close of negotiations, Williams signed a Certificate of Current Cost or Pricing Data. During an audit for a follow-on contract, a Government technical expert identified an element that she suspects may be defective pricing. She has requested your assistance in determining the appropriate course of action.
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods: (a.) Straight-line. (b.) Double-declining-balance
It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 340,000.
if this is a proportionate nonliquidating distrubtion, what is the tax effect of the distribution to Monica and MIP? After the distribution, what is Monica's basis in the inventory and in her MIP interest?
What is data redundancy? We know that the normalization breaks up large tables into smaller more manageable tables.
A CPA firm was purchased by a public company. The acquirer performs other professional services and has banking, insurance, and brokerage subsidiaries.
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $475,000 for May. Cost of goods sold is expected to be 60% of sales.
Evanston?s accountant insists that he keep a detailed record of money and merchandise that he takes out of the business for his personal use. Why?
Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $60,000. What sales are needed by Cunningham to break even?
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
Muriel, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2009, she had interest income of $2,400 and $800 of earned income from babysitting. Muriel's taxable income is what?
Of the several uses of standard costing, one of the most controversial is using these standards for performance evaluation of an individual, team, or unit. Consider the labor efficiency variance and assume it is one of the measures for a company's..
A) Determine the cash disbursement for manufacturing overhead for November. B) Detetermine the predetermined overhead rate for November.
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